News Summary

• Amazon CEO Andy Jassy wrote an annual shareholder letter to shareholders.
• In it, he takes aim at his competitors, including Nvidia and Intel.
• Jassy also talked up other Amazon businesses, too, like same-day delivery, groceries, and drones.
• But mostly, Jassy tried to make the case for the hundreds of billions of dollars of capital expenditures he’s committed.
• He announced plans to spend $200 billion in 2026 on capex, mostly building out AWS data centers.