AMZN - Amazon.com Inc.

AWS cloud demand acceleration would confirm AI buildout is alive.

Sold earlier, sentiment weak, needs massive reacceleration; potential high reward if they deliver but high risk

Capex is too high relative to revenue growth (17% vs needed 50%). The creator has completely sold his position and considers the risk-reward unfavorable despite the stock being cheap.

Amazon is increasing AI capex, with AWS cloud and AI infrastructure driving long-term growth.

Hyperscaler with heavy AI capex; same risk as MSFT and GOOGL.

Same as other hyperscalers; heavy AI spending exposed to potential cuts.

AWS is a strong engine, but high capex depresses free cash flow. The host's middle intrinsic value is ~$250, near current price, so not overly excited. He missed it before and is cautious now.

Similar to Microsoft, Amazon does not disclose AI revenues, suggesting AI is losing money while other businesses grow.

Amazon is heavily borrowing for AI and engaging in circular funding with Anthropic. Bond market stress suggests overexposure.

AWS Braket offers cloud access to quantum computers, developing own quantum processors like Ocelot chip to reduce errors.