Amazon CEO Andy Jassy delivers his annual shareholder letter with a subtle yet pointed jab at competitors Nvidia and Intel. He boasts about Amazon’s homegrown Trainium AI chips and custom Graviton CPUs, hinting at potential future ventures into robotics.

The Trainium series’ demand is so high that capacity for the upcoming Trainium4 is nearly sold out, despite it being 18 months away from release. Jassy argues that with better price-performance, AWS customers are increasingly turning to Amazon’s chips over Nvidia’s.

He also highlights Amazon Leo, a competitor to Starlink, which has already secured contracts with major companies like Delta Airlines and NASA. Despite hints of future possibilities, the letter focuses heavily on justifying Amazon’s vast capital expenditure plans for 2026, particularly around AWS data center expansion.

Jassy believes that despite industry skepticism over technological bubbles, his investments in OpenAI and undisclosed customer agreements will prove fruitful. It's a testament to Jassy’s corporate strategy of indirect competition and strategic spending.