Jassy's 2025 Shareholder Letter

Jassy confirmed Amazon will invest $200B in infrastructure in 2026, with the bulk going to AI compute (Trainium chips, data centers) and logistics automation. He framed it as a "once-in-a-generation" opportunity comparable to the early days of AWS.

Sellers should expect three downstream effects: faster delivery expectations as robotic fulfillment centers cut cycle times, AI-powered discovery through Rufus becoming the default shopping interface, and potentially lower FBA costs long-term as automation reduces per-unit handling expenses.

Trainium is Amazon's custom-designed AI training chip. At $20B ARR, it powers internal AI models like Rufus and Alexa. Jassy hinted at selling the chips to external cloud customers, which would position Amazon as a direct competitor to Nvidia in the AI hardware market.

Jassy acknowledged the possibility of licensing Amazon's robotics technology to third-party warehouses. With over 1 million robots deployed, Amazon has the scale to productize the technology. No timeline was given, but it could reshape 3PL competition if launched.