In the summer of 2003, there was an off-site meeting at Jeff Bezos’s house. We were doing this exercise, looking at what we thought our core competencies were as a company. We started off with fairly obvious things, like we were good at having a lot of selection in retail, and we were good at fulfilling that selection.

But when we looked into it more deeply, we realized that in building Amazon’s consumer business as fast as we had in the first eight years, we’d gotten really good at operating infrastructure services, things like computing and storage and database. And because our retail business was a very low-margin business…

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