I do wonder how much of Amazon's $50B share (per last press release) is in AWS credits rather than money in the bank.
Probably a lot? It would be much more tax-advantageous to do it this way, $50B worth of credits != $50B worth of spend on Amazon's part, and they might meet in the middle about how much equity that translates to.
To then claim that Trainium is “selling” and not a dud? I’d bet a lot.