I Read Amazon's 10-K. The AI Productivity Math Doesn't Add Up

Amazon's own 10-K shows $131.8 billion in purchases of property and equipment in 2025, up nearly 59% in one year; add Alphabet and Meta and 2025 capital spending measures reach roughly $295 billion. Yet in the 10-K sections we read, we could not find a single company-wide number for what AI has actually saved. In this video we analyze what the annual filings of Amazon, Alphabet, Meta, Microsoft, Salesforce and C.H. Robinson really say about the AI productivity promise: the costs, the risk factors, the accounting changes and the missing savings. 0:00 Intro 0:37 The Document 2:21 The Warnings 4:05 Amazon's Bill 7:12 The Combined Bill 9:42 The Counterexample 10:45 Outside The Filings 12:26 The Regulators 13:20 My Interpretation Sources: Amazon Form 10-K, FY2025 – https://www.sec.gov/Archives/edgar/da... Alphabet Form 10-K, FY2025 – https://www.sec.gov/Archives/edgar/da... Meta Platforms Form 10-K, FY2025 – https://www.sec.gov/Archives/edgar/da... (capex: Q4 and Full Year 2025 Results, Jan 2026 – https://investor.atmeta.com/investor-...) Microsoft Form 10-K, FY2026 – https://www.sec.gov/Archives/edgar/da... Salesforce Form 10-K, FY2026 – https://www.sec.gov/Archives/edgar/da... C.H. Robinson Form 10-K, FY2025 – https://www.sec.gov/Archives/edgar/da... (Investor Overview, Feb 2026 – https://s21.q4cdn.com/950981335/files...) In the S&P 500, Disclosure of AI Risks Surges from 12% to 83% – The Conference Board – Apr 22 2026 – https://digital-release.wowktv.com/bu... AI in S&P 500 10-K Filings, 2015–2025 – Dogan & Teklie, J. Risk and Financial Management – 2026 – https://www.citedrive.com/en/discover... Salesforce sacrifices 4,000 support jobs on the altar of AI – The Register – Sep 2 2025 – https://www.theregister.com/2025/09/0... Firm Data on AI – NBER Working Paper 34836 – 2026 – https://www.nber.org/papers/w34836 AI, Productivity, and the Workforce: Evidence from Corporate Executives – NBER Working Paper 34984 – Mar 2026 – https://www.nber.org/papers/w34984 AI Doesn't Reduce Work—It Intensifies It – Harvard Business Review – Feb 9 2026 – https://hbr.org/2026/02/ai-doesnt-red... (Berkeley Haas summary: https://newsroom.haas.berkeley.edu/ai...) Early-2025 AI and Experienced Open-Source Developer Productivity – METR – Jul 10 2025 – https://metr.org/blog/2025-07-10-earl... SEC press release 2024-36 – Mar 18 2024 – https://www.sec.gov/newsroom/press-re... SEC Administrative Proceeding 33-11352, Presto Automation – Jan 14 2025 – https://www.sec.gov/enforcement-litig... Charts built from figures in the filings and reports above; figures marked "our calculation" are computed from them. This video is commentary and analysis based on public sources, including SEC filings, court records and published reporting, all linked above. Allegations described in lawsuits or reports are claims that have not necessarily been proven in court; companies and individuals mentioned are presumed innocent unless convicted. Statements of opinion are the author's own. This is not financial, legal or investment advice. The creator holds no position in any security discussed. Corrections: if we got something wrong, email us and we will correct it in a pinned comment. #amazon #ai #stocks Image credits (Wikimedia Commons): Atomic Taco – CC BY-SA 2.0 InvadingInvader – CC BY-SA 4.0 Sharon Hahn Darlin – CC BY 2.0 Jiaqian AirplaneFan – CC BY 3.0 Coolcaesar – CC BY-SA 4.0 Asoundd – CC BY-SA 4.0 Sea Cow – CC BY-SA 4.0 David Nagle – CC BY-SA 4.0 Lambtron – CC BY-SA 4.0 Pi.1415926535 – CC BY-SA 3.0 logopop – CC BY-SA 3.0 Jonathan Schilling – CC BY-SA 4.0 Cgbriggs19 – CC BY-SA 4.0 Aos.1905 – CC BY-SA 4.0 Dietmar Rabich – CC BY-SA 4.0