I’m more bullish on the Anthropic + Bedrock layer than pure compute. Compute is capital-heavy, but enterprise lock-in is the real moat. As companies embed Claude via Amazon Web Services, switching costs rise — similar to $Microsoft(MSFT)$ ’s model.
On $300, a re-rating like $Alphabet(GOOGL)$ is possible but needs clearer monetization. If AWS growth re-accelerates, sentiment can shift. For now, Nvidia still holds the strongest pricing power. I also think the next key catalyst will be whether AI revenue starts contributing meaningfully to AWS margin expansion.
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- Adz5150·05-01TOPThe partnership is clearly bullish for demand visibility, but I still think the market will keep asking whether those commitments translate into durable margin and cash flow, not just bigger spend.1Report
- Adz5150·05-01TOPMakes sense to me. The moat is probably less about raw compute and more about who captures the customer relationship, workflow, and switching costs.1Report
- icycrystal·04-24TOPthanks for sharing2Report