s hard to predict what will happen, but it appears to be in a better position than most other 25%)over the years and added to my position earlier this year after the valuation of the cloud computing and e-commerce leader plummeted. It just seemed too good an opportunity to pass up, with its price-to-earnings ratio dropping into the mid-20s. On top of that, it seemed that its huge investments in AI, which scared some investors away, would pay off. The record $220 billion in capital expenditures was not made in anticipation of higher demand for AI cloud computing; it was required to meet the demand that was already there.