TL;DR — Alphabet spent $13.2 billion on stock buybacks a year ago. This quarter it spent zero, despite $69.5 billion in unused buyback authorization, because AI infrastructure spending now sits ahead of shareholder returns in the capital allocation queue. A year ago,...
TL;DR — Amazon’s net income jumped 245% this quarter. Revenue only grew 43%. The gap comes almost entirely from a change in AWS server depreciation schedules, not from the underlying business accelerating. Amazon’s headline this quarter was a 245% jump in...
