Stanley Druckenmiller's family office fully exited their positions in Nvidia and Broadcom last quarter. Instead, he bought large stakes in Amazon and Alphabet. The move makes sense as hyperscalers take more control over their own AI chip designs. Amazon is pushing its custom Trainium chips, and Alphabet signed a new deal with Marvell for specialized TPUs instead of relying solely on Broadcom. AMZN and GOOG are trading at low forward P/Es right now (20.5 and 16.4). The market is concerned about their heavy capital spending on data centers, which recently pushed both into negative free cash flow. However, both companies have revenue backlogs around $500 billion, giving them solid visibility for future returns on that invested capital.