Matt Day

Most people know that Amazon's cloud business is enormous, but this kind of shows us exactly how enormous, right?

Most cloud computing companies don't tell you exactly where their facilities are, and one thing they really don't talk about is where they rent space.

So these documents we reviewed, as you said, it's about a fifth of AWS's computing power as of last year was provided by co-location facilities.

These things are all over the world.

There's hundreds and hundreds of them.

Just another way to underline how much both they've grown during the AI boom and just how wide their lead is in cloud computing.

So there's a couple of reasons.

I mean, one is when they set up shop in a new market, sometimes they're not confident enough in the ramp of demand that they want some options, right?

Go rent some space.

Sometimes it's a speed to market thing.

You can expand faster in Singapore by renting space than you can by developing or purchasing land and developing it yourself.

So it's really a way for them to get flexibility, particularly internationally, which is where we understand most of their colos are.