Summary

• RGA Investment Advisors remains convicted in Google’s positioning, but has become increasingly enthusiastic about AWS, Amazon’s cloud infrastructure segment, as a beneficiary of where AI workflows are heading.
• As this generational buildout matures and growth capex tapers, investors will likely realize that an entire class of companies should never have had their earnings capitalized at such high multiples.
• Amazon’s ability to remain model agnostic, while serving the lowest cost tokens, positions Amazon uniquely to capitalize on AI adoption at scale.
• Amazon's Trainium3 chip, which just started shipping at the start of 2026 and is 30% to 40% more price performance than Trainium2, is nearly fully subscribed.
• Due to AWS’ industry-leading scale during the rise of AI, growth rates are slower than other hyperscaler cloud peers; however, the absolute dollar volume of growth is incredible today.