Asks if there's logic to market punishing some tech stocks (Amazon) but not others on AI spend news.
Carol Masser
Mark Mahaney
Acknowledges market's hesitation due to 'free cash flow desert' from unprecedented capex, but argues investors should focus on ROI already visible.
Asks if Amazon CEO is right to call AI an 'unusual opportunity' justifying aggressive investment.
Tim Stenovec
Mark Mahaney
Affirms it's a huge opportunity, evidenced by market reaction (SaaS sell-off). Believes GenAI is a transformative, Google-like moment improving products/services materially.
Asks if winner-takes-most view is right and if all four hyperscalers will remain dominant.
Carol Masser
Mark Mahaney
Believes they will remain talked about, leveraging massive existing user/business bases. Expects them to emerge with higher margins and revenue bases than anticipated.
Asks who loses from this capex spend.
Tim Stenovec
Mark Mahaney
Flags travel companies (Booking, Expedia, Airbnb) as potential losers if they fail to build effective 'agentic' AI travel solutions.