**Steelman:** Amazon’s letter presents a compelling narrative of relentless innovation and market dominance. The company’s vertical integration—designing its own chips, robots, and delivery systems—positions it to control costs, improve margins, and outpace competitors. The $50 billion chip business projection and early reservations for Trainium4 underscore real demand, while the drone and satellite initiatives signal long-term bets on logistics and connectivity. Jassy’s acknowledgment of power ...