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"FTX vs. Amazon"

Arnold Kling:

For several years after Amazon was founded, I was a Jeff Bezos skeptic. My line was that for Amazon to compete with Wal-Mart, Amazon had to master logistics. For Wal-Mart to compete with Amazon, Wal-Mart just needed a web site.

To my surprise, Amazon was able to master logistics before Wal-Mart figured out online sales. And along the way, Amazon was able to master cloud computing as well. It is a remarkable story.