Anurag Rana

speaker

534 appearances 29 recordings 3 series first heard Dec 2025 last heard 10 Sep

Anurag Rana’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 29 in all, peaking in Apr 2026 with 7.

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Bloomberg Tech · Instant Reaction: Amazon Reports Cloud Sales Growth for Fifth Straight Quarter · 30 Jul 2026 podcast

I'm fairly confident about it, but the question is what kind of money they will be making.

Are they making money renting GPUs and training models, or are you building AI applications on top of it?

We like the second kind of business better because in the long run, it's very difficult to take it off.

So let's say go back 20 years or 15 years, if Lyft or Uber started their application on AWS, that's a cloud native application.

As the application is growing, AWS makes more money.

If you are developing a brand new AI application today, if you pick one of these three or four cloud platforms,

As those apps get bigger, you're going to make money.

So it's a perpetual revenue stream.

It's very difficult to take that out and move it somewhere else.

But if you're only training models, that's a very different revenue stream.

Yeah.

So, one of the things Microsoft said yesterday was the sequential increase in commercial real performance obligations or the backlog that they had.

I think it was about $45 billion.

All of that was from non-frontier model companies, which is

That is not Anthropic, that is not OpenAI.

Because remember, what is the biggest fear right now in the market is, what if OpenAI is not able to take care of the commitments or Anthropic and so forth?

But what they're saying is, the business now they're coming in, in their backlog or in their bookings, is from non-frontier models.

And that's really, I think, one of the most important questions that we want to ask the company today is, if they talk about cloud commitments, where are those cloud commitments coming in?

Is it the three or four companies or is it more diversified?

Yeah, I think that's exactly what Ed is talking about here.

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