Citing The Information on Sunday, Wall Street News reported that Amazon is currently trading at approximately 29 times its forward P/E ratio, lower than Walmart's 37 times, despite its revenue growth rate being projected at three times that of Walmart. Market concerns about its approximately $220 billion AI capital expenditure being too rapid and yielding slow returns have led to a valuation discount.

AWS CEO Matt Garman stated in an a16z interview that AI-related demand is immense, and capital expenditure will not slow down in the short term. AWS is also reserving scarce GPU capacity for startups. He revealed that AWS's annual revenue is between $160 billion and $170 billion, growing 37% year-over-year, and plans to purchase 2 million NVIDIA GPUs in the coming years. Matt Garman emphasized that AWS's capacity is not highly concentrated among a few clients, with single clients typically accounting for single-digit percentages or even less. Enterprise clients have already seen positive returns on core computing, storage, and inference. Additionally, AWS's custom Graviton chips have improved cost and performance by approximately 20%, and Trainium capacity is sold out until the end of next year.