Amazon (Buy, $270 target) Emphatically rebutting the AWS bear case
What’s New: In this first take following tonight’s results, we focus on:1. Addressing the AWS bear points one-by-one
2. AWS accelerates to +20% growth, backlog to $200B not counting October deals
3. 2025 capex guidance raised and at least one or more GW of capacity in 4Q
4. Project Rainier proves out Trainium2 before Trainium3 broadens the customer base
5. “Not constrained in any way” buying NVDA
6. Improved Amazon DSP capabilities supporting strong advertising growth
7. Agentic shopping will drive more online shopping…
8. ….and third-party agent partnerships are coming. Will that include ChatGPT?
9. Quick hits on perishable delivery, robotics and layoff rationale
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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