(Transfer) $Amazon(AMZN.US) exceeded expectations, and like the other three, the margin is good + higher capex, and capex exploded! $75 billion, nearly $5 billion more than market expectations. $Marvell Tech(MRVL.US) rose in response, driving $NVIDIA(NVDA.US) up 1%. The 2025 CAPEX guidance was not provided, only stating "we'll spend more than that in 2025." Market expectations were only $73 billion, likely to be adjusted to around $80 billion. If capex starts to increase in H2 2024, then in addition to AWS competing for H200 and GB200, Marvell's customized Trainium2, which will accelerate mass production starting in H2 2024, will definitely be a procurement focus. Previously, we updated AWS's 2025 CoWoS adjustment at TSMC, consistent with the direction of capex exceeding expectations.

AWS's growth rate of +19% slightly missed, but it's okay as profits beat expectations significantly. The revenue guidance is also good, indicating that Q4 is expected to accelerate.

Additionally, it was mentioned that AI revenue is in the tens of billions of dollars and still growing at triple digits (doubling), so the estimated growth rate of Microsoft's $10 billion AI revenue for next year is also not exaggerated.