I think AWS and similiar cloud providers have a tough challenge for the long term.<p>The big question is how cheap will computing get, and how will the demand of that computing increase over time?  If prices continue to decrease rapidly, it becomes very difficult to maintain large revenue growth, even with unit-volume increases.<p>In 20 years, how cheap will core services like S3 and ec2 be, and how will AWS&#x27; revenue on those services compare to today?<p>They are also developing a lot of AWS software that probably won&#x27;t decrease in price over time. For example, over the past 30 years database hardware has decreased dramatically in price, but Oracle software licenses have not.  AWS has a lot of services that are some combination of complex software and hardware components.