Amazon's Core Growth Engines and Investment Highlights

1. AWS (Amazon Web Services): Dual Drivers of AI and Cloud Services Rapid Growth and Massive Scale: AWS continues to maintain strong growth momentum (recent growth exceeding 36%), with annualized revenue approaching $170 billion. AI Infrastructure Moat: Amazon has established a comprehensive presence across the AI infrastructure stack, ranging from data centers and proprietary chips (Trainium/Inferentia) to the Bedrock application layer. High Order Visibility: AWS boasts a substantial backlog (approaching $500 billion), providing high certainty for revenue over the coming years. Some long-term capacity has already been booked through 2027–2028. 2. Margin Improvement in E-commerce and Retail Operations Amazon’s retail business is no longer synonymous with “thin margins and high volume.” Through supply chain optimization, regional fulfillment network restructuring, and the rapid growth of high-margin third-party seller services and advertising (Amazon Ads), the company’s…