Infra Play #117: Value accrues at the bottom of the stack

AWS: $132B run-rate. Azure: $93B run-rate. GCP: $61B run-rate.

The latest earnings calls for AWS, Azure, and GCP were revealing in many ways. High growth, high stakes, high pace. Let’s dive in.

Source: Clouded Judgement on Substack

The key takeaway

For tech sales a…