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Last week my favourite chartist Charlie Bilello pointed out that Amazon Web Services' 2022 revenue, although showing disappointing growth, was higher than 457 companies in the S&P 500. He also mentions that AWS has grown sales at 44% per annum for last 9 years, from $3 billion to $80 billion. That's just phenomenal.
Big tech businesses are taking some flack at the moment for their expensive side hustles. Conditions have changed quickly thanks to a fast rise in US interest rates. But that's how business cycles work, and these companies are now pulling in the reins.
If Amazon had not pursued their cloud side hustle, they would have missed out on one of the biggest growth stories of all time.
