Topic

AMZN

A collection of 66 issues

Amazon 1Q'26: Rosy Near-term but "Cloudy" Long-term

Amazon’s highlight from 1Q’26 was that AWS has accelerated to 28%, which was the highest growth rate in the last 15 quarters. In fact, looking at the guide, it appears even a more pronounced acceleration is likely for 2Q’26.

Jassy's Defense

Since Andy Jassy became CEO of Amazon on July 5, 2021, the stock has not only noticeably lagged broader benchmarks such as S&P 500 and Nasdaq 100 but also underperformed every single big tech companies in Mag7 (Nvidia not shown in the chart since it transforms the Y-axis a bit too much…so you get

The Neocloud Trojan Horse

One of the most frequent pushbacks that I have received to my recent posts on AWS (see here, and here) is that the neoclouds are not a legitimate concern for hyperscalers such as AWS and Azure in the long term. Frankly speaking, I myself operated under this assumption for the last couple of years.

Follow-up on "AWS: Pre and Post-ChatGPT"

Last Saturday, I published a piece outlining my reasons for nervousness about the long-term future of AWS. This led to a noticeably more constructive feedback from readers which I would like to address in this follow-up piece.

AWS: Pre and Post-ChatGPT

Back in 2014, Jeff Bezos wrote to Amazon shareholders: “A dreamy business offering has at least four characteristics. Customers love it, it can grow to very large size, it has strong returns on capital, and it’s durable in time – with the potential to endure for decades.

The Long-term Reality of Hyperscalers: The Good, The Bad, and The Ugly Scenarios

In my “Lipstick on Frontier AI Pigs” piece, I wrote the following: Apart from ignoring the cost of training, another deeply questionable assumption Amodei makes in his argument is the gross margin for inference.

Walmart’s Trillion-Dollar Mojo

Walmart was the most recent member in the trillion dollar club companies. After coming to IPO in 1970, it took them almost 54 years to reach half a trillion dollar of Enterprise Value (EV).

Some Portfolio Changes

Perhaps it’s hardly a surprise if you read yesterday’s piece “Lipstick on Frontier AI Pigs”, but I made some changes to my portfolio yesterday which I will elaborate behind the paywall.

Amazon: 2026 Update

As I do it every year, following Amazon’s 10-K disclosure, I have updated my Amazon model. I’ll expand on the model and elaborate my thoughts behind the paywall.

Amazon 4Q'25 Update

After Meta and Alphabet’s eyebrow raising capex plan for 2026, Amazon came up with the biggest number: $200 Billion!