Shares of Amazon down a little more than 5% right now.

Of course, as broadly speaking, technology stocks are coming off.

Of course, that rally yesterday, historic rally.

This morning, Andy Jassy affirming that the AI spending at that company is going to continue,

even as tariffs raise potential supply chain concerns and expenses.

Dear Trobosa has more on today's tech check.

Dee.

Hey, good morning, David.

So remember his comments, too, they follow Senator Pichai yesterday.

Also reaffirming Google's CAP-X this year, bigger picture is that amid the tariff volatility

of the last week or so, the message on AI has been consistent.

This is optional. This is not optional. It's existential. We've heard from tech leaders from Google

Sunder-Buchai to Shopify's Tobias Luque, now Andy Jassy in that Amazon annual shareholder letter,

reiterating that this is a once-in-a-lifetime opportunity that must be seized

aggressively through deep investment and full-stack integration, making AI more than ever, an easy

and obvious contender for Amazon's fourth pillar, that is, businesses that signal where Amazon

sees durable growth and where it's willing to bet big for the long haul. Yet Jassy stopped short of

naming it in his latest annual address to Wall Street. Amazon's first three pillars, they are

Marketplace Prime AWS, massive defensible businesses that drive consumer growth and customer

loyalty. Now, leadership has been searching for fourth pillar for at least nearly a decade.

Back in 2017, when I first attended an Amazon AGM, Jeff Bezos declared that they were hard at work finding the fourth.

Then again, during his last shareholder meeting as CEO in 2021, Bezos said they were still looking, and there were a lot of contenders, but that the bar was extremely high.

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