I agree, but... 2021 Amazon has AWS, which is hugely cash generative... hence the growing cash balance. They can't invest faster than it accumulates. Financial

I agree, but... 2021 Amazon has AWS, which is hugely cash generative... hence the growing cash balance. They can't invest faster than it accumulates. Financially, they're like Apple, Google, Etc. now. Also, "capital intensive" is relative. Warehouse's investment numbers tend to be publicized, because politics. A big one is $200m, and that's a "media story" number which may be higher than the real, "capital investment" amount. Company valuations are one thing, but $10bn is a lot of capital. It's hard to actually invest that much. That's why the big software companies have so much of the damn stuff.