Jeff Bezos never focused on earnings, EPS, or "profit". Why? He knows those numbers are flawed.
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+46% QoQ. Profitable (adjusted). Cash-flow positive. $1.70 of revenue per $1 of compute. Few companies in history have printed a quarter like this. So why is the perp future on Binance down 14% from its high? 📉 Because markets price the slope, not the level. → Monthly run-rate growth: ~33% (Jan–Jul) vs 3–7% (Aug–Sep) → $100bn by year-end now needs Q4 to roughly double that pace → Token prices have halved in a month → Usage up, spend flat (Ramp data) → OpenAI is back, and it’s now a two-horse race → “Adjusted” profit, with $518bn of compute commitments ahead The key question: Can volume grow faster than prices fall? What to watch: the S-1 (~25 Oct), token prices, Q4 run rate, credit spreads. Spectacular numbers. Harder questions.
Earnings growth, not higher valuations, is expected to drive the next leg higher. Source: SABELNET
Profits are on pace to surge 34% this year followed by another 15% gain expected in 2027. That would be 54% growth in just 2 years. Source: Charlie Bilello

