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Free
Why 2 million GPUs support near-term margins but pressure long-term share.
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Free
Blackwell scale impresses, but NVIDIA dependence and returns remain key risks
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Free
37% growth supports upside while weak utilization threatens margins and cash flow
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Free
Consolidated growth masks weak segment economics, heavy reinvestment, and balance-sheet risks that demand disaggregated analysis.
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Free
AWS bets billions on data centers amid strong AI demand, but depreciation and debt may outpace monetization.
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Free
Why the 10% capex increase to $220 billion raises return hurdles and tests AWS demand conversion despite strong revenue beats.
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Free
Amazon's $496B backlog signals demand, but $220B capex and negative FCF make returns unproven.
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Free
Graviton, Trainium and Inferentia aim to cut Nvidia dependence and capture value across compute, storage and inference.
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Free
Demand is strong now, but the 18-24 month construction lag and uncertain unit economics could turn scarcity into glut.
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Free
With demand shifting from training to inference and open-weight rivals rising, Amazon's answer will shape its next decade.
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Free
A comprehensive review of NVIDIA's equity investments, customer financing, and neocloud partnerships that are reshaping hyperscaler economics.
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Free
The hyperscalers' $300 billion infrastructure bet is the modern equivalent of building the industrial backbone, with AWS leading the charge.
