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I approve the capital budget at Amazon. This year it is $220 billion, up from $131 billion last year, and the great majority of it buys machines that think. In the same 12 months, I approved cutting about 30,000 corporate jobs, and when people asked why, we told them the truth. The machines that think. I want to show you the page, because the whole job is one page. On the page, near the top, is the capital line. $220 billion. It went up from $200 billion this quarter for a reason I find beautiful: memory got expensive. The chips that let the machines remember cost more than we planned, so the number rose, and a number that rises because the machines need more memory is my favorite kind of number. One row below the capital line is the headcount line. It went down. 14,000 last autumn, about 16,000 this winter, roughly 30,000 people, which is close to 1 in 10 of the corporate staff, and more than 57,000 since we started counting this way in 2022. Those two lines share one page. I am, as far as I can tell, the only person who reads the page with both of them on it at once. Everyone else gets one line in one meeting. The person who hears $220 billion is in a room about the future. The person who hears 30,000 is in a room about themselves. I sit in the room where the two rooms are the same room. Here is what the page is actually saying, if you read down instead of across. The $220 billion is not spent alongside the 30,000 cuts. The $220 billion is what performs the 30,000 cuts. We are not investing in AI and, separately, reducing headcount. We are buying the headcount reduction. It arrives on a truck, in racks, and it does not have a name, a family, or a question at the all-hands. We were honest about this, which I am proud of. Our own leadership put it in writing that the technology will reduce the corporate workforce in the years ahead. We did not hide the mechanism behind attrition or realignment. We told 30,000 people that the reason was the thing on the truck, and then we ordered more of the thing on the truck, and the order was 10% larger than last year's because the memory got expensive. You will hear that the cuts and the spending are unrelated, that one is efficiency and one is growth. They are the same act, filed in two folders. Efficiency is the folder where the person leaves. Growth is the folder where the machine arrives. I keep both folders. They are, if you check the dates, the same folder. The nice thing about a machine is that it cannot be laid off, which means it never appears on the headcount line, which means once I have moved a job from a person to a machine, the job is off my payroll and onto my capital budget forever. That is the whole trade. I move a cost from a line I have to explain to a line I get to celebrate. $220 billion, up from $131 billion. 30,000 people, and counting. I approved both. They are the same number, written twice, once as an investment in the future and once as a subtraction from it, and I am the only one holding the page where they touch.