{"id":"ticker-amzn","category":"ticker_thesis","title":"Amazon (AMZN) — AWS Profit Engine + Advertising Breakout","summary":"AWS is 75%+ of operating profit; advertising is the fastest-growing high-margin segment.","trigger":{"always":false,"sectors":[],"tickers":["AMZN"],"regimes":[]},"ttl_hours":336,"content":{"thesis":"AMZN is transitioning from a retail company to a high-margin technology platform. AWS dominates enterprise cloud. Advertising surpassed $50B/year and grows 20%+. Retail margin recovery from warehouse optimization adding $10B+ of profit annually.","bull_case":"AWS re-accelerates on AI workload migration; advertising reaches $80B by 2027; retail reaches 5%+ operating margin","bear_case":"Antitrust action targeting AWS bundling or retail practices; Azure/GCP gaining AWS share; AI infrastructure capex weighing on free cash flow","key_catalysts":["AWS growth rate (watch for re-acceleration above 20%)","Advertising revenue quarterly","Retail operating margin","Bedrock AI service customer adoption"],"position_guidance":"Core holding — diversified revenue streams make this lower risk than pure-play tech. Buy on market pullbacks.","options_note":"Lower volatility than TSLA/NVDA — good for covered calls and wheel strategy."}}