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An SVB (phew!) update + Benedict Evans on the future of (almost) everything
Channels with Peter Kafka
Do You Think Amazon's P&L Changes the Way They Run Their Core Business?
I don't think one can generalize across all of those industries. I mean, people have looked at Amazon's P&L for years and said, well, you know, clearly the actual core retail business is being subsidized by other parts of it. And now the new conventional wisdom is they're an AWS company that happens to all of the systems. Except then if you look at the ad business and you say, well, they did whatever it is. 38 billion dollars last year,. Well, what operating margin is that? It's got to be like 50 or 60% operating margin. There's no capex or minimal fairly minimal capex on that. So it's probably producing more
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