in postAMZAMZNLONGFIRST CALL

“It is incorrect to look at this and assume their FCF has collapsed because operating cash flow has collapsed.”

Hyperscaler FCF trough is capex-driven not a business collapse; Amazon's AI buildout mirrors its own AWS cycle which created a durable cloud moat

AMZAMZNLONG@ $236.70

$265.77+12.28%

since call Jun 24

peak +12.4%

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