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Amazon: who is behind the $578 billion AWS backlog?

Two AI labs signed 42.9% of it, and only one has opened its books
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Amazon: who is behind the $578 billion AWS backlog?
Two AI labs signed 42.9% of it, and only one has opened its books
 • Bernardo
Amazon: what the $220 billion CapEx plan returns
Jassy gave the payback on a five-year server. The thirty-year data center underneath it is the assumption my thesis rests on
 • Bernardo
Amazon.com, Inc. (AMZN) Q2 2026 results: same strategy, opposite reaction
Amazon raised the CapEx bill by $20 billion and the stock rose 15.3%. The identical plan cost the stock 11% in February. Disclosure changed, not…
 • Bernardo
The Portfolio I Can Explain to a Ten-Year-Old
Why "know what you own" is the only thing that keeps the stomach calm when the brain wants to sell
 • Bernardo
Constellation Software (CSU.TO) Q1 2026 Results: The Market Feared AI; Constellation Deployed $1.6 Billion
Why record capital deployment, an unchanged bonus plan, and broad insider buying are the disciplined-acquirer playbook running exactly as designed
 • Bernardo
Alphabet Inc. (Google) Takes Both Sides Of Its Balance Sheet To Market
Self-fund, borrow, or dilute. Alphabet just walked through all three to fund upwards of $190 billion AI build-out
 • Bernardo
Level-Headed Investing
Level-Headed Investing
I share my personal journey through the ups and downs of investing: my decisions, mistakes, and lessons learned. With a focus on long-term, disciplined investing, the goal is to provide thoughtful insights and real-world experience.
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Constellation Software (CSU.TO) Q1 2026 Results: The Market Feared AI; Constellation Deployed $1.6 Billion
Why record capital deployment, an unchanged bonus plan, and broad insider buying are the disciplined-acquirer playbook running exactly as designed
 • Bernardo
Alphabet Inc. (Google) Takes Both Sides Of Its Balance Sheet To Market
Self-fund, borrow, or dilute. Alphabet just walked through all three to fund upwards of $190 billion AI build-out
 • Bernardo
MercadoLibre (MELI): Two Decades of Compounding, A Year of Doubt - Part 3: Where I Land
Bear and bull side-by-side, the three signposts that will resolve the debate, and my contrarian read on the dislocation. The final part of the series
MercadoLibre (MELI): Two Decades of Compounding, A Year of Doubt - Part 2: The Bull Case
Five reasons the same data tells the opposite story: the Amazon playbook in real time, a structural fintech arbitrage, and a moat the market is…
MercadoLibre (MELI): Two Decades of Compounding, A Year of Doubt - Part 1: The Bear Case
Five reasons the LatAm compounder may be in structural trouble: competition, credit, macro, regulation, valuation. The opening installment of a…
 • Bernardo
MercadoLibre (MELI) Q1 2026 Results: The Right Response Is Not to Harvest, It Is to Invest
Brazil items doubled in nine months, unit shipping costs accelerated lower, and the cross-sell flywheel widened from 26% to 36% of merchants. Margin…
 • Bernardo
Alphabet Inc. (Google) Q1 2026 Results: Cloud Breaks Escape Velocity, Multiple Catches Up
Cloud at +63%, Search at +19%, OCF/share compounding 32% YoY, and the P/OCF multiple has run from ~20x to 28x
 • Bernardo
2025 in Review: From Transformation to Sedimentation
How I kept concentrating into higher-quality compounders while using volatility to upgrade the portfolio
 • Bernardo
MercadoLibre (MELI) Q4 2025 Results: Paying for Growth on Purpose
44.6% growth, 5-6 points of margin traded for scale, speed, and fintech penetration
 • Bernardo
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