AWS CEO Matt Garman on why he isn't worried about an AI bubble: no single customer dominates AWS capacity, and enterprises are already seeing positive ROI. "We feel really good about the spend we're making now. I get lots of questions about how you feel about that spend, and 'Are you nervous about a bubble?'" "We take a diversified approach, so not all of our capacity is bundled up in one customer." "Also, AWS is where people come to launch their production workloads. The majority of our usage today is core compute, storage, and inference... Those are the workloads that just aren't gonna go away." "Go talk to customers and ask: at today's capability and today's cost, are you seeing positive returns to your business? They'll say, 'Yeah." "It's like the VC model. Is every billion-dollar startup gonna make it? No, they won't. But that's been the game for 50 years. You bet on 10, and one makes it and pays for the others." "You saw that with the internet. There was a bubble, a bunch of internet companies didn't make it, and the internet's still a thing." @mattsgarman @RaghuRaghuram