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Amazon (AMZN) is the undisputed titan of e-commerce and cloud computing, responsible for reshaping the global marketplace. As the world’s largest retailer, Amazon has redefined customer convenience through innovations like same-day delivery and an extensive product catalogue, fueling the growth of its Prime membership to over 200 million subscribers globally. But Amazon's influence extends far beyond retail. Amazon Web Services (AWS) is the crown jewel of the company’s tech empire, powering everything from startups to Fortune 500 companies. Amazon is increasingly recognised as a tech leader competing in the AI space, and is on its way to becoming an advertising juggernaut as it continues to capitalise on strong advertising demand. Amazon is tipped to be the first company to reach $1 trillion in annualised revenue as they are projected to grow their top-line by around 10% YoY for the next 5 years.

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Amazon has a formidable foothold in e-commerce, streaming media, cloud computing, and AI. As part of its business strategy, it has assembled an impressive collection of over 40 subsidiaries covering multiple industries and countries worldwide - including Amazon Web Services (cloud technology), Amazon Robotics (automation), and Amazon Pharmacy (healthcare). Among the companies Amazon has acquired or developed as subsidiary companies are Whole Foods Market (groceries), Twitch Interactive (live-streaming), Zoox (self-driving technology) and Audible (audiobooks). This diversified portfolio reflects Amazon’s growth-focused business strategy and diverse global footprint, whilst making it less susceptible to consumer spending trends.

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In e-commerce, Amazon's market share is 37.6%. That percentage exceeds the combined market share of three other top online retailers, Walmart, Apple and eBay. Amazon has a strong B2C e-commerce presence with potential for further market share gains in large retail verticals where traditional retailers still maintain a strong presence. Expansion into emerging e-commerce verticals like B2B should also yield robust growth, unlocking new revenue streams in a rapidly growing sector.

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AMZN has solidified its position as an AI powerhouse through record-breaking CapEx spending and the continued growth of its cloud computing platform, AWS. Over the trailing twelve months, Amazon has invested $64.96 billion in CapEx, the highest in its history, fueling the launch of new foundation models to bolster its AI infrastructure. Despite AWS’s reputation as a late AI entrant, it has emerged as a major revenue driver benefitting from strong secular trends like cloud migration. Amazon is also developing its Trainium AI chips to reduce dependency on Nvidia, further cementing its role as a competitive force in the AI space.

","video":null,"video_iframe_url":null}],"company_contents":[{"theme":"Key Resources","contents":[{"title":"Amazon CEO Andy Jassy: We have a lot of growth in front of us","content":"https://www.youtube.com/watch?v=Tgrih3Ngop8&ab_channel=CNBCTelevision","type":"video","description":"Enjoy the videos and music that you love, upload original content and share it all with friends, family and the world on YouTube.","content_iframe_url":"https://www.youtube.com/embed/Tgrih3Ngop8?start=0","showcase_company_content_theme_id":909},{"title":"2023 LETTER TO SHAREHOLDERS","content":"https://s2.q4cdn.com/299287126/files/doc_financials/2024/ar/Amazon-com-Inc-2023-Shareholder-Letter.pdf","type":"article","description":null,"content_iframe_url":null,"showcase_company_content_theme_id":909},{"title":"Q3FY24 RESULTS","content":"https://s2.q4cdn.com/299287126/files/doc_financials/2024/q3/AMZN-Q3-2024-Earnings-Release.pdf","type":"pdf","description":null,"content_iframe_url":null,"showcase_company_content_theme_id":909},{"title":"2023 ANNUAL REPORT","content":"https://s2.q4cdn.com/299287126/files/doc_financials/2024/ar/Amazon-com-Inc-2023-Annual-Report.pdf","type":"pdf","description":null,"content_iframe_url":null,"showcase_company_content_theme_id":909}]}],"external_insights":[{"theme":"AI chips","contents":[{"title":"Amazon strikes AI chip deal with Databricks as it looks to narrow gap with Nvidia","content":"https://www.youtube.com/watch?v=Ku6vHDBWXiQ&ab_channel=CNBCTelevision","type":"video","description":"Enjoy the videos and music that you love, upload original content and share it all with friends, family and the world on YouTube.","content_iframe_url":"https://www.youtube.com/embed/Ku6vHDBWXiQ?start=0","showcase_external_insight_theme_id":1135},{"title":"How Amazon Is Making Custom Chips To Catch Up In Generative A.I. 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With that positioning, Amazon should benefit from any measurable uptick in consumer spending.”","cta_label":"Read Here","cta_link":"https://www.forbes.com/sites/investor-hub/article/best-undervalued-stocks-to-buy-december-2024/","title":null},{"id":2476,"showcase_expert_id":1665,"platform":"article","type":"text","content":"“Assuming the Fed continues to lower interest rates and the U.S. economy responds well to those changes, AMZN stock could see a double-digit lift in 2025.”","cta_label":"Read Here","cta_link":"https://www.forbes.com/sites/investor-hub/article/where-is-amazon-amzn-stock-price-heading-in-2025/","title":null}]},{"id":1666,"name":"Brent Thill","image":"https://curation-api-production-assets.s3.eu-west-2.amazonaws.com/5/1731595829.jpeg","expertise":"Jeffries Analyst","audience":"4k","x_link":null,"linkedin":"https://www.linkedin.com/in/brentthill/","website":null,"quotes":[{"id":2477,"showcase_expert_id":1666,"platform":"youtube","type":"text","content":"“AWS is two-thirds of Amazon’s operating income and you’re seeing an acceleration in the business”","cta_label":"Watch Here","cta_link":"https://www.youtube.com/watch?v=EpClZp32GH4&ab_channel=CNBCTelevision","title":null}]},{"id":1667,"name":"Jonathan Vanian","image":"https://curation-api-production-assets.s3.eu-west-2.amazonaws.com/5/1731596985.jpeg","expertise":"Tech Reporter at CNBC","audience":"8K","x_link":"https://x.com/jonathanvanian?lang=en","linkedin":"https://www.linkedin.com/in/jonathan-vanian-b704432/","website":null,"quotes":[{"id":2478,"showcase_expert_id":1667,"platform":"linkedin","type":"text","content":"“Although Amazon’s online advertising business is still a fraction of the company’s overall business, it’s growing size over the years has made it a major competitor to Alphabet and Meta.”","cta_label":"Read Here","cta_link":"https://www.linkedin.com/posts/jonathan-vanian-b704432_amazons-advertising-business-grew-19-year-activity-7257854009435172864-58Jb?utm_source=share&utm_medium=member_desktop","title":null}]}],"catalysts":[{"id":1939,"showcase_id":408,"type":"short","description":"$19","cta_name":null,"cta_link":null,"video":null,"video_iframe_url":null},{"id":1940,"showcase_id":408,"type":"medium","description":"

AWS growth:

Expansion of AWS services through Generative AI (GenAI) could accelerate cloud adoption, driving higher revenue growth. AWS should enjoy years of secular tailwinds, driving revenue at a rate of ~19% CAGR from 2024 to 2029 as workloads migrate to the Cloud.
Enterprises are likely to embrace open-source LLMs supported by AWS as the market matures.
Improving IT budgets and companies' greater willingness to shift infrastructure to the public cloud remain catalysts for AWS.

Interest rates

The Fed is expected to take rates to 3.5% by the end of 2025 and around 3% by the end of 2026. As this occurs, it could lead to greater business expansion and more revenue for AMZN.

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Advertising business growth

Amazon started showing ads on Prime Video content in 2024. The change could be an ongoing source of advertising and subscription revenue growth.
Amazon’s advertising business is still a fraction of the company’s overall business, but its growth over the years has made it a major competitor to Alphabet and Meta, which lead the digital advertising market.
The rapidly expanding e-commerce industry is fueling increased digital ad spending on marketplaces, positioning Amazon to capitalize on this trend.

Emerging markets

Deeper penetration in emerging markets and mature international markets will contribute to revenue expansion, particularly in high-growth regions like India, Mexico, and Australia.
A downside scenario would be a result of losing eCommerce market share, a dramatic slowing in unit growth or a slowdown for AMZN overseas.

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Amazon invests heavily in AI and machine learning to personalise shopping experiences, optimize pricing, and improve inventory management. These innovations provide a competitive edge over traditional retailers. Through initiatives like Amazon Fresh and the acquisition of Whole Foods Market, Amazon is enhancing its physical retail presence, integrating online and offline shopping experiences to meet diverse customer preferences.

In the cloud computing sector, Amazon remains dominant with a market share of 31%. Microsoft follows with 25% of the market, while Alphabet accounts for 11%. This leadership position is thanks to continuous innovation, investment, and strategic partnerships. For example, in 2024 Amazon invested a total of $4 billion in the AI startup Anthropic in its largest venture investment yet. This strategic partnership aims to enhance Amazon's capabilities in generative AI and strengthen its position in the AI sector.

","video":null,"video_iframe_url":null},{"id":2374,"showcase_id":408,"question":"What are Amazon’s key growth drivers across its business segments (e.g., AWS, e-commerce, advertising)?","answer":"

Amazon is expected to be the first company to reach $1 trillion in annualized revenue. This growth is being driven by several key business segments. 1) AWS continues to be a major growth engine for Amazon and is expected to exit 2024 with a revenue run rate of around $110 billion, continuing its positive momentum thanks to demand for cloud and AI solutions. 2) Amazon's advertising business is also seeing rapid growth, projected to reach $58 billion in annual revenue by the end of 2024. 3) The marketplace for third-party sellers continues to expand, this segment generates over $100 billion in annual revenue. 4) Prime memberships contribute significantly to growth with over 200 million subscribers globally.

","video":null,"video_iframe_url":null},{"id":2375,"showcase_id":408,"question":"How is Amazon using generative AI to improve its consumer/retail business?","answer":"

Amazon is not only using GenAI to improve its cloud servicing business. On the retail side, Amazon has been using GenAI to improve delivery speed, keep prices low and expand product selection. They have been better at incorporating this tech across their fulfillment than any other retailer out there, introducing a suite of tools to improve the shopping experience for both customers and sellers. By analyzing customer behavior and preferences, Amazon's generative AI systems provide tailored product suggestions, improving the relevance of recommendations. The company launched Rufus, a generative AI-powered conversational shopping assistant, which can answer customer questions on shopping needs, products, and comparisons.

","video":null,"video_iframe_url":null},{"id":2376,"showcase_id":408,"question":"What are the key risks?","answer":"

Despite Amazon’s strong position and competitive advantages, investing in its shares carries significant risks. The company operates on thin margins, with a trailing twelve-month (TTM) operating margin of just 9.77%, after accounting for high operating expenses. Economic challenges such as slower GDP growth, rising unemployment, or higher oil prices and interest rates could further squeeze margins and negatively impact profitability. Given Amazon’s scale, even small macroeconomic shifts could have outsized effects on its bottom line.

Additionally, Amazon faces fierce competition in both retail (from Walmart and Target) and cloud computing (from Microsoft and Alphabet). It is also under regulatory scrutiny, particularly from the FTC, with potential antitrust actions looming depending on political dynamics.

","video":null,"video_iframe_url":null},{"id":2377,"showcase_id":408,"question":"What impact will macroeconomic factors, such as inflation, interest rates, and oil prices, have on Amazon’s margins and profitability?","answer":"$1a","video":null,"video_iframe_url":null}],"researches":[],"articles":[{"id":1825,"showcase_id":408,"title":"Infographic: Amazon Maintains Cloud Lead as Microsoft Edges Closer","description":"This chart shows worldwide market share of leading cloud infrastructure service providers in Q3 2024.","link":"https://www.statista.com/chart/18819/worldwide-market-share-of-leading-cloud-infrastructure-service-providers/","date":null},{"id":1826,"showcase_id":408,"title":"Amazon's advertising business grew 19% in the third quarter","description":"Amazon's online advertising business jumped 19% year over year to $14.3 billion in the third quarter.","link":"https://www.cnbc.com/2024/10/31/amazons-advertising-business-grew-19percent-in-the-third-quarter.html","date":null}],"team_members":[{"id":1876,"showcase_id":408,"name":"Jeff Bezos","role":"Executive Chair","image":"https://curation-api-production-assets.s3.eu-west-2.amazonaws.com/5/1731601627.jpeg","linkedin":null,"x_link":"https://x.com/JeffBezos?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor","description":"

Jeff Bezos founded Amazon.com in 1994. Amazon’s mission is to be Earth's most customer-centric company. Amazon offers low prices and fast delivery on millions of items, provides thousands of movies and TV shows through Prime Video, designs and builds the bestselling Kindle, Fire and Echo devices and Alexa voice recognition service, and empowers companies and governments in over 190 countries around the world with the leading cloud computing infrastructure through Amazon Web Services. Bezos is also the founder of aerospace company Blue Origin, which is working to lower the cost and increase the safety of spaceflight, and he is owner of the Washington Post.

"},{"id":1877,"showcase_id":408,"name":"Andy Jassy","role":"President and Chief Executive Officer","image":"https://curation-api-production-assets.s3.eu-west-2.amazonaws.com/5/1731601770.jpeg","linkedin":"https://www.linkedin.com/in/andy-jassy-8b1615/","x_link":"https://x.com/ajassy?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor","description":"

Andy Jassy is President and CEO of Amazon.com and also serves on the Board of Directors. He founded and led Amazon Web Services (AWS) from its inception and served as its CEO from April 2016 until July 2021. He joined Amazon in 1997 and, prior to founding AWS, held various leadership roles across the company, including both business-to-business and business-to-consumer. He serves on the Trust of the American Academy of Arts and Sciences, on the Board of Trustees for Rainier Scholars, and as Chair of Rainier Prep’s Board of Directors. He has an AB from Harvard University and an MBA from Harvard Business School.

"},{"id":1878,"showcase_id":408,"name":"Brian T. Olsavsky","role":"Chief Financial Officer","image":"https://curation-api-production-assets.s3.eu-west-2.amazonaws.com/5/1731601907.jpeg","linkedin":"https://www.linkedin.com/in/brian-olsavsky-601ba1/","x_link":null,"description":"$1b"},{"id":1879,"showcase_id":408,"name":"Matt Garman","role":"Chief Executive Officer, Amazon Web Services","image":"https://curation-api-production-assets.s3.eu-west-2.amazonaws.com/5/1731602103.jpeg","linkedin":"https://www.linkedin.com/in/mattgarman/","x_link":null,"description":"

Matt Garman has served as CEO Amazon Web Services (AWS) since June 2024. Mr. Garman has been at Amazon since 2006 and helped launch the initial set of AWS services. He most recently served as Senior Vice President, AWS Sales, Marketing, and Global Services and has held a variety of leadership positions in AWS, including responsibility for product management, engineering, and operations for all compute and storage services at AWS. He has a BS and MS from Stanford University in Industrial Engineering and an MBA from Northwestern University Kellogg School of Management.

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