Amazon (AMZN, Buy, $234 target) First Take: AI at AWS in focus for 2025
What’s New: In this first take following tonight’s results, we focus on:1. 1Q25 revenue guide disappoints, but AWS strength should drive the coming narrative
2. $100B+ of capex in 2025
3. AWS revenue upside stands out vs Azure/GCP, Trainium2 catalyst coming
4. Retail leverage improves again as conviction grows in the “new normal”
5. Gen AI for Retail: still difficult to quantify, but several promising irons in the fire
Amazon.com serves consumers through its online and physical stores. The company also manufactures and sells electronic devices, including Kindle, Fire tablet, Fire TV, Echo, and Ring, and the company develops and produces media content. The company operates customer service centers and provides programs that enable sellers to grow their businesses, sell their products in its stores, and fulfill orders through the company The company serves developers and enterprises of various sizes, including start-ups, government agencies, and academic institutions, through its Amazon Web Services segment, which provides a set of global compute, storage, database, and other service offerings. The company also provides services, such as advertising.
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