Market Maps
The AI Infrastructure Market Map
AI infrastructure is a vertical stack: chips, hyperscale capacity, model labs, apps. Value concentrates where supply is scarce. Read through the 2026 filings.
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Market Maps
AWS Margin Pressure and the Cloud Reset
AWS revenue grew 20% but operating income only 14% in FY2025. The cloud reset is margin compression during the AI capex wave, read from the 10-K.