AMZN Amazon
HyperscalersPosition Summary
Shares
8
Avg Price
$201.73
Cost Basis
$1,614
Conviction
7/10
Investment Thesis
AWS at 30% cloud market share, $124B run rate. Operating margins 2.4% → 11.2%.
Key Arguments
Bull Case
AWS is the cloud backbone. AI workloads drive compute demand. Retail subsidises cloud investment.
Bear Case
Retail margins thin. AWS growth decelerating from peak.
What Would Make Us Sell
AWS market share drops below 25% or margin compression.