Lou Whiteman

It has to be one or the other.

And I doubt it's A, and I don't think they're going to be B. So I think they're a player here, but I don't think they're just going to annihilate everyone or take everyone's business.

The why now is a great question.

And to some extent, the answer is this was always the plan.

So it might just be they've built out the critical mass to make it possible.

That took time.

And so they're just doing it now because they can.

Tyler, I do think that this could be a sign of a capital constrained company, because the weird thing about this is they have to build all of this for their own.

own business.

So instead of adding CapEx in a way, this offsets CapEx.

If you can monetize some of it, turn it into revenue.

So in a world where Amazon does have to continue to scale logistics and they are trying to spend billions in a data center,

maybe trying to get some of that logistics spending covered by third parties.

If you think of it that way, instead of just kind of investing in the business kind of just for the revenue, I think it might make more sense.

But again, I do think it speaks to what Matt was saying.

It speaks to the limits to the ambitions here in terms of just wiping out an industry versus just trying to generate some revenue off of it.

One thing I caution people on, too, is that the data center comparison is obvious with AWS.

I don't think it is a great like for like, though, because chips are chips.

Data center is data center.

It's kind of just, if not commoditized, it is pretty close.