Amazon is reportedly in talks to sell its Trainium chips to customers, directly competing with Nvidia.

So we can now file Amazon under ‘semiconductor company.’

Which is great news, because apparently that's the only label that gets a stock a decent multiple these days.

• Retailer? Yawn.

• Cloud oligopoly? Sure.

• Ad business doing ~$70B in revenue and growing at 20%? Nobody cares.

But say the word ‘chips’ and suddenly the algos wake up! I’m only half joking here!