$Amazon(AMZN.US)

I took a look at the earnings report and want to share a few points of focus.

1. It's projected to invest $200 billion in 2026, even more than Google's announcement yesterday. This will mainly go towards self-developed chips, etc. Google's massive capital expenditure yesterday is similar, with a large portion also being invested in self-developed chips. As tech giants continue to pour money into self-development, the market share of ASICs will gradually increase in the future. You could consider positioning in Broadcom $Broadcom(AVGO.US) and more upstream semiconductor companies like $ASML(ASML.US)$Texas Instruments(TXN.US)$Lam Research(LRCX.US), or buy some $VanEck Semiconductor ETF(SMH.US).

Further upstream is the power sector. You could consider positioning in $Vistra(VST.US)$Bloom Energy(BE.US).

2. AWS's growth rate exceeded expectations, but compared to GCP and Azure, its performance is weak. AWS is already Amazon's most profitable business, but it continues to be challenged by Google and Microsoft. This is one of the reasons for Amazon's weak stock performance in recent years, and this trend hasn't improved.