Overall, call was good enough. I thought qualitative commentary around AWS was very good: very +ve on Sept deal momentum (collection of deals was higher than total reported deal volume for all q3), optimizations continuing to “attenuate” (i had to google meaning to make sure it meant decrease), hyping up AI saying its a very significant biz for them by any measure already, etc. Yes bookings take a while to flow through to revs, but I think positive commentary did a good job to get people to not be so singularly focused on q4 AWS # and think about trajectory in 2024 instead. “AI going to add tens of billions of dollars for us in next several years.”
AWS margins up 600bps q/q adding $1b to op inc not necessarily sustainable as they said margins should fluctuate q/q.
Key quote for me was early in the call calling out a lot better Sept deal momentum: “we're seeing the pace and volume of closed deals pick up and we're encouraged by the strong last couple of months of new deals signed. For…
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