Thompson: Jassy and Nadella's narrative on GPU spending is BS
Ben Thompson · What Happens When the AI Boom Runs Out of Money · Invest Like The Best · Aug 18, 2026 · at 32:27
Ben Thompson analyzes statements made on earnings calls by Amazon CEO Andy Jassy and Microsoft CEO Satya Nadella regarding datacenter shell CapEx.
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“So you have, like, on the calls, you have both Andy Jassy and Cyanadella are out there saying, look, we're just building data centers. Like, these are the shells. We might not use them now. Maybe we'll use them in the future. And we only buy GPUs when we know there's demand for them. That is a great story to tell. I'm not sure how much that I think is a lot of BS.”
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