We did a lot of pre-buying in the early part of 2025 to enable us to try and keep prices

as low as possible for customers.

And a lot of our third-party sellers did a lot of forward staging in our fulfillment network

for the same reasons. And that supply has run out, you know, in the fall.

And so, you know, you start to see some of the tariffs creep into some of the prices, some of the items.

Amazon CEO Andy Jassy, an extended interview on tariffs and consumers at the World Economic Forum in Davos, Switzerland.

Consumers have been pretty resilient. They continue to spend. They continue to shop. I think that wherever

they can, they are trying to trade down in price. The power and the infrastructure demands of AI.

Power has been short.

In the US, around the world, there is a power shortage.

I think that it is better than it was 18 months ago and still not as plentiful as we all

need.

Plus how Amazon fits into the entire AI ecosystem with NVID Nvidia semiconductor chips and with chips of its own.

If you're building a big inference business like we are and you want to have reasonable margins,

if you're not pursuing your own custom AI silicon, you're going to be structurally disadvantaged.

I'm CNBC producer Cameron Costa.

SquawkPod reports from Davos, Amazon CEO Andy Jassy,

begins right now.

It is Davos Week. So many of the world's CEOs, politicians, and journalists are in a small town in the Swiss Alps, crunching through snow for panels, speeches, interviews, and, yes, a few parties.

Most of CNBC's Davos coverage comes in the form of our interviews on TV.

On Squawk Box, we bring you conversations with Anthropic CEO Dario Amodi, for example,

or the heads of banks like Bank of America's Brian Moynihan, Morgan Stanley's Ted Pick,

...