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• The internet's Walmart.
• The invisible IBM for internet infrastructure.
• Walmart and Netflix combined, plus its own UPS.

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• Amazon.com Marketplace: An online retail platform offering a vast selection of products from Amazon and third-party sellers.
• Amazon Web Services (AWS): (Cloud Computing Service) Provides on-demand cloud computing platforms and APIs for businesses and governments worldwide.
• Amazon Prime: (Subscription Service) A membership program offering benefits like fast shipping, streaming entertainment, and exclusive deals.
• Prime Video: (Digital Streaming Service) Offers a wide library of movies, TV shows, and Amazon Originals available for streaming.
• Amazon Music & Audible: (Digital Content Services) Provide music streaming and audiobooks through subscription services.
• Kindle: A line of e-readers and a digital storefront for purchasing and reading e-books and digital publications.
• Amazon Echo & Alexa: Smart speakers and devices powered by an AI voice assistant, enabling voice control and smart home capabilities.
• Ring & Eero: (Smart Home & Security Products/Services) Offer smart home security devices like video doorbells and mesh Wi-Fi systems.
• Whole Foods Market & Amazon Fresh: (Grocery Retail Service) Operate grocery stores and provide online grocery delivery for fresh produce and household staples.
• Amazon Advertising: (Digital Advertising Service) Provides advertising solutions for brands to reach customers across Amazon's websites and apps.
• Amazon Pharmacy & One Medical: (Healthcare Services) Offer online prescription delivery and primary care services through virtual and in-person consultations.
• Twitch: (Digital Streaming & Social Media Service) A live video streaming platform primarily used for gaming, esports, and creative content.

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Amazon.com (AMZN) primarily sells to individuals through its vast e-commerce platform, subscription services, and digital content offerings. While Amazon Web Services (AWS) serves a significant number of businesses and governments (B2B), the core retail and subscription segments cater directly to individual consumers (B2C).

Here are up to three categories of individual customers that Amazon serves:

• General Online Shoppers: This broad category includes individuals and households globally who utilize Amazon's e-commerce platform for purchasing a vast array of physical goods. These customers are drawn by the convenience of online shopping, wide product selection across various categories (electronics, books, home goods, apparel, groceries, etc.), competitive pricing, and efficient delivery services. They might be one-time purchasers or frequent visitors without a Prime subscription.
• Amazon Prime Members: A distinct and highly engaged segment of consumers who subscribe to Amazon's Prime membership program. These members pay an annual or monthly fee to receive premium benefits such as expedited shipping (often free two-day or same-day delivery), access to streaming content (Prime Video, Amazon Music), exclusive deals, discounts at Whole Foods Market, and other perks. Prime members typically exhibit higher loyalty and spending on the platform.
• Digital Media & Content Consumers: This category encompasses individuals who primarily engage with Amazon's extensive digital content offerings. This includes users of Kindle e-readers for purchasing and reading e-books, listeners who subscribe to or purchase audiobooks through Audible (an Amazon company), and consumers who stream or purchase digital movies and TV shows via Prime Video, whether as part of a Prime subscription or on a pay-per-view basis. These customers value Amazon for its content library and digital delivery platforms.

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• Intel (INTC)
• Advanced Micro Devices (AMD)
• NVIDIA (NVDA)
• Micron Technology (MU)
• Taiwan Semiconductor Manufacturing Company (TSM)
• United Parcel Service (UPS)
• International Paper (IP)

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Andy Jassy, President and Chief Executive Officer

Andy Jassy has served as Amazon's CEO since July 2021, succeeding founder Jeff Bezos. He joined Amazon in 1997 as a marketing manager. In 2003, he co-founded Amazon Web Services (AWS) with Jeff Bezos, leading its development into Amazon's most profitable division and becoming CEO of AWS in 2016. Prior to joining Amazon, Jassy worked as a project manager for a collectibles company and also started and subsequently closed his own company. He holds a Bachelor's degree from Harvard College and an MBA from Harvard Business School.

Brian T. Olsavsky, Senior Vice President and Chief Financial Officer

Brian T. Olsavsky has been Amazon's Senior Vice President and CFO since June 2015. He joined the company in April 2002, initially leading the finance departments for Amazon's Worldwide Operations organization. From 2011 to 2015, he was the Vice President of Finance and CFO for the Global Consumer Business. Before Amazon, Olsavsky spent seven years at Fisher Scientific in various financial and business management roles, including Vice President of Finance for multiple divisions and for World Wide Logistics and Fisher Chemicals. He also held financial and operational roles at BF Goodrich and Union Carbide for a total of eight years. Olsavsky earned a Bachelor of Science in Mechanical Engineering from Penn State University and an MBA in Finance from Carnegie Mellon University.

Doug Herrington, CEO, Worldwide Amazon Stores

Doug Herrington is the CEO of Worldwide Amazon Stores. He has been with Amazon since 2005.

Matt Garman, CEO, Amazon Web Services

Matt Garman was named CEO of AWS in 2023, succeeding Adam Selipsky. A longtime Amazon veteran, Garman joined in 2006 and has held leadership roles across sales, product, and customer operations within AWS. He oversees Amazon's multibillion-dollar cloud platform and its strategic push into generative AI, large language models, and hybrid cloud.

David A. Zapolsky, Senior Vice President, Global Public Policy & General Counsel

David Zapolsky serves as Amazon's top legal executive, overseeing all aspects of the company's legal, regulatory, and public policy strategy. He joined Amazon in 1999 and became General Counsel in 2012. Zapolsky plays a central role in Amazon's responses to antitrust scrutiny, labor negotiations, privacy laws, and emerging global regulations.

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Amazon.com (AMZN) faces several significant risks to its business operations and financial performance.

1. Intense Competition

   Amazon operates in highly competitive industries across all its major segments, including e-commerce, cloud computing (Amazon Web Services or AWS), digital streaming, and advertising. In retail, key rivals include Walmart, Target, and Costco, which have heavily invested in their online sales channels. For AWS, formidable competitors like Microsoft Azure and Google Cloud are rapidly expanding and investing in AI features and pricing strategies. This intense competition can lead to pressure on market share, pricing, and profit margins across Amazon's diverse business portfolio.

2. Regulatory and Legal Scrutiny

   As a global technology giant, Amazon faces increasing legal and regulatory risks worldwide, particularly concerning antitrust, data protection, labor, and consumer protection laws. The company is subject to frequent government investigations and lawsuits, with potential liabilities including substantial monetary fines and mandated changes to its business practices. Compliance with evolving regulations, such as those related to fake reviews or monopolistic practices, requires significant investment and can impact operations and reputation.

3. Profitability and Cost Pressures

   Despite consistent revenue growth, Amazon faces ongoing challenges in maintaining and expanding its profit margins due to high operating expenses and significant investments. The company's heavy spending on last-mile delivery, fulfillment infrastructure, and various initiatives (e.g., Prime digital content, Alexa/Echo, AWS) can lead to margin pressure. Additionally, rising costs for labor, transportation, and infrastructure, coupled with potential slowing revenue growth in some segments, could further squeeze profitability. Amazon's valuation is often speculative, based on expectations of strong future performance, and failure to meet these expectations could lead to stock depreciation and volatility.

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• TikTok Shop and the Rise of Social Commerce: This represents a fundamental shift in online shopping behavior, moving from intentional search-and-purchase to discovery-driven buying integrated within social media feeds. TikTok Shop leverages influencer marketing, live commerce, and a highly personalized algorithmic feed to drive sales, directly competing with Amazon for consumer attention, product discovery, and advertising spend, particularly among younger demographics and in categories like fashion, beauty, and home goods.

• Ultra-low-cost E-commerce Platforms (e.g., Temu, Shein): These platforms have rapidly emerged and scaled by offering an extensive range of products at exceptionally low prices, often shipped directly from manufacturers in China. They leverage sophisticated, optimized supply chains, aggressive marketing, and a gamified shopping experience to attract price-sensitive consumers. This model challenges Amazon's traditional value proposition in broad segments of general merchandise by prioritizing extreme affordability and novel discovery over speed and brand-name selection, potentially diverting a significant volume of transactions.

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Here are the addressable market sizes for Amazon.com's main products and services:

• E-commerce (Retail): The global e-commerce market size was valued at approximately USD 26.8 trillion in 2024.
• Amazon Web Services (AWS) - Cloud Computing: The global public cloud market is projected to reach nearly USD 600 billion by 2023.
• Advertising (Digital Advertising): The global digital advertising market size was valued at USD 479.08 billion in 2024.
• Subscription Services (e.g., Amazon Prime): The global subscription economy market size was estimated at USD 492.34 billion in 2024.
• Grocery (e.g., Whole Foods, Amazon Fresh): The global food & grocery retail market size was estimated at US$ 11.9 trillion in 2024.
• Devices (e.g., Smart Home Devices like Alexa, Kindle, Fire TV, Ring): The global smart home market size was valued at USD 127.80 billion in 2024.

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Amazon.com (AMZN) is poised for continued revenue growth over the next 2-3 years, driven by several key areas of its expansive business. Analysts and company commentary highlight the following expected drivers:

• Amazon Web Services (AWS) and AI Integration: The cloud computing segment, AWS, is a primary growth engine, with recent re-acceleration in its growth rate. This surge is significantly fueled by increasing enterprise cloud spending and strong demand for artificial intelligence (AI) and generative AI tools. Amazon is making substantial investments in AI infrastructure and data centers to support these workloads, anticipating continued expansion as customers adopt more AI-driven solutions.
• Expansion of the Advertising Business: Amazon's advertising services are experiencing rapid ascent, generating substantial quarterly revenue. The strong demand for sponsored product placements and streaming advertisements on Prime Video is expected to continue contributing significantly to overall revenue growth.
• Optimization and Expansion of the Core E-commerce Business: Improvements in the online retail segment, including enhanced operational efficiency, increased automation and robotics in fulfillment centers, and the expansion of same-day and next-day delivery options, are expected to drive customer engagement and sales. These efficiencies are lowering costs to serve and improving delivery speeds, making the e-commerce offering more competitive.
• Growth and Monetization of Prime Memberships: Prime subscriptions remain a crucial element of Amazon's ecosystem, contributing to customer loyalty and increased purchasing. Accelerated membership growth and the potential for a Prime subscription price increase, possibly in 2026, are anticipated to boost revenue.
• Strategic New Ventures: Emerging initiatives such as the satellite-based internet service Project Kuiper, which is expected to begin monetization in the coming years, and the expansion of healthcare services like pharmacy delivery, represent additional avenues for long-term revenue growth.

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Share Repurchases

• Amazon authorized a $10 billion share repurchase plan in March 2022.
• This authorization replaced a previous $5 billion program from 2016, under which $2.12 billion in shares had been repurchased.
• The company spent $6 billion on buybacks in 2022 and $3.3 billion in 2023.

Share Issuance

• Amazon's shares outstanding increased by 2.97% in 2023 and 2.18% in 2024.
• As of September 30, 2025, shares outstanding were 10.845 billion, marking a 1.02% increase year-over-year.
• In March 2022, a proportionate increase in authorized common stock was approved alongside a 20-for-1 stock split.

Outbound Investments

• In 2021, Amazon acquired Metro-Goldwyn-Mayer (MGM) Studios for $8.45 billion to enhance its content library for Prime Video.
• Amazon acquired Zoox, an autonomous vehicle startup, for $1.2 billion in 2020 to advance its autonomous driving technology for logistics.
• In July 2022, Amazon acquired One Medical Group for approximately $3.9 billion to expand its presence in the healthcare sector.

Capital Expenditures

• Amazon's capital expenditures averaged $60.113 billion annually from fiscal years ending December 2020 to 2024, reaching $82.999 billion in 2024.
• The company expects to spend over $100 billion in capital expenditures in 2025, with some projections going as high as $118.5 billion or $120.1 billion.
• The primary focus of these capital expenditures is on building capacity for artificial intelligence (AI) within Amazon Web Services (AWS), including data centers, networking equipment, and hardware for generative AI, alongside investments in its e-commerce fulfillment network and retail operations to improve delivery speeds and reduce costs.