104 CapEx as % of Revenue (AWS as Proxy) – AI vs. Cloud Buildouts = 49% (2024) vs. 4% (2018) vs. 27% (2013), per Morgan Stanley Note: Figures shown represent AWS only. AWS CapEx estimated per Morgan Stanley – equals AWS net additions to property & equipment less finance leases and obligations. Source: Amazon, Morgan Stanley (5/25) Amazon AWS CapEx as % of Revenue – 2013-2024, Estimated per Morgan Stanley CapEx / Revenue, % AI / ML Infrastructure Build-Out Initial Cloud Infrastructure Build-Out 27% 4% 49% 0% 20% 40% 60% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 AWS CapEx as % of revenue decreased as upfront infrastructure investments slowed & revenue grew… will AI follow? From 2020, AWS began rapidly scaling CapEx (+30% Y/Y) to build AI / ML infrastructure, potentially restarting cycle CapEx Spend @ Amazon AWS = Cloud vs. AI Patterns