163 AI Monetization…Chips = Amazon AWS Trainium* Sales +216% to $3.6B Y/Y, per Morgan Stanley Note: Relative to GPUs, ASICs are custom-designed for specific tasks (e.g., AI model training,) whereas GPUs are general-purpose. Figures are estimates per Morgan Stanley research. Source: Amazon AWS, Morgan Stanley, ‘GenAI Monetization – Assessing The ROI Equation’ (2/25) Amazon AWS Trainium Estimated Sales – 2024-2025, per Morgan Stanley AWS Trainium chips are a family of AI chips purpose built by AWS for AI training and inference to deliver high performance while reducing costs… AWS Trainium2 chip delivers up to 4x the performance of first-generation Trainium…[and offers] 30-40% better price performance than the current generation of GPU-based EC2 P5e and P5en instances. - Amazon AWS Trainium Overview, Accessed 5/25 Estimated Annual Sales, $B AI Monetization = Chips Amazon AWS Trainium Estimated Sales ($B) $1.1B $3.6B $0 $2 $4 2024 2025