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The Cloud Report Card

Programming note: ARPU will be off the rest of the week, back next Monday. Amazon's 20% Problem For the first time in a long time, Wall Street was genuinely relieved that Amazon Web Services had a good quarter. The company's stock soared more than 11% after
The Cloud Report Card

Nvidia's Self-Driving Kit

The Robotaxi-in-a-Box Building a self-driving car, for the longest time, was a bit like trying to build a spaceship in your garage. It was a bespoke, incredibly expensive, vertically integrated science project. You needed an army of PhDs, a fleet of custom vehicles, and a decade's worth of
Nvidia's Self-Driving Kit

Qualcomm's Inference Play

The Phone Chip Gambit One of the more interesting side effects of the AI gold rush is that it's forcing companies to get innovative. The demand for compute is so extreme, and the dominance of Nvidia is so absolute, that challengers are having to make counterintuitive bets to
Qualcomm's Inference Play

The AWS Squeeze

Amazon's Bad Week For the longest time, the cloud computing business was mainly a two-horse race between Amazon and Microsoft, and everyone else was just fighting for scraps. Amazon Web Services, the division that literally invented the industry, was the undisputed king—the default choice for startups, the
The AWS Squeeze

Did IBM Miss?

The Wrong Kind of Good News In the AI-obsessed market of 2025, there are apparently two kinds of good news. There is "good news," where a company beats earnings estimates and raises its forecast. And then there is "AI-cloud-hyper-growth good news," which is the only kind
Did IBM Miss?

The Great Compute Scramble

Anthropic's Hedge It's an interesting time to be Amazon. You're the undisputed king of cloud computing. You identify the hottest AI startup on the planet, Anthropic, and make a massive bet, committing $8 billion to become its single largest shareholder and flagship AI partner.
The Great Compute Scramble

Is Oracle a Construction Company?

The $185 Billion Lease Agreement Ordinarily, when a very large company holds a big meeting and announces a plan to more than triple its revenue in five years, its stock goes up. It is a sign of confidence, a vision of explosive growth. It is the kind of thing that
Is Oracle a Construction Company?

Why Is Google Building Its Largest AI Hub in India?

Google last week announced it will invest $15 billion over the next five years to build a massive artificial intelligence data center hub in India. The facility, located in the state of Andhra Pradesh, is set to be the company's "largest AI hub" outside of the

How Is Broadcom Challenging Nvidia?

Broadcom this week launched Thor Ultra, a new networking chip designed to connect the massive-scale AI data centers of the future. The announcement came just one day after the company revealed a blockbuster deal to build 10 gigawatts worth of custom AI accelerator chips for OpenAI. Taken together, these moves

About That AI Bubble

The AI Sandwich One of the more popular pastimes in financial markets these days is worrying about the AI bubble. The specter of 2000 hangs over every conversation. The valuations are dizzying, the revenue is often speculative, and the whole thing can feel a bit ephemeral. Are we just bidding
About That AI Bubble