$AMZN spending $50bn on a stake in OpenAI could make people discount the stock for a long time. Every time Amazon reports AWS numbers, people will ask how much of the “growth” is just OpenAI’s spend, eg Amazon spending money on itself! This financial circle-jerk is just so dumb.

They did this with a Anthropic as well, of course, but that was a much smaller number ($8bn). What’s next? Giving Jeff Bezos $50bn and he will then buy AWS capacity from Amazon for the money? Why not, it’s the same thing. Bad vibes.