Serenity deep analysis of tech giant AI layout: optimistic about Amazon's development path, Microsoft and Meta need to prove the necessity of capital investment According to TechFlow, on June 24th, the "white haired stock god" Serenity stated in a post that the market should not understand the AI capital expenditures of large technology companies as "capital being drained". These investments are more accurately described as achieving large-scale revenue growth or profit margin improvement in the future. Currently, Amazon is the most optimistic company, considering it to be one of the clearest AI transformation cases among super large-scale cloud service providers. In the future, it may reduce operating costs by implementing autonomous driving delivery, warehousing robots, logistics, and transportation automation through big language models. At the same time, Amazon is also promoting revenue growth by expanding AWS computing power construction and may enter the AI chip sales market with the help of its self-developed chip Trainium. Serenity believes that Google ranks second in the AI layout of tech giants, and its AI capital investment is to protect the search business moat. At the same time, Google Cloud, relying on its TPU computing power advantage, also has the potential for commercialization of chips similar to Nvidia GPUs. For Microsoft and Meta, Serenity stated that the two companies still need to prove to the market the necessity of large-scale AI capital investment. Recently, due to the lagging progress of Microsoft's self-developed AI chip Maia and the impact of its cooperation with OpenAI on the pace of AI development, market sentiment has been weak.