Amazon’s Quiet AI Moat Keeps Expanding. Here’s Why Investors Should Be Paying Attention to the Stock.

Shares of tech giant Amazon (NASDAQ: AMZN) have rallied sharply in recent weeks, climbing to fresh all-time highs after the company reported its first-quarter results late last month. With the stock up about 27% over the past month, some investors may worry they have already missed the move.

But a closer look at the underlying business suggests the story may just be getting started.

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Two of the company’s growth engines, in particular, are gaining steam at the same time: Amazon Web Services (AWS) and the company’s custom silicon operation. AWS is seeing accelerating growth, and Amazon’s chip business — once a curious side project — has quietly grown into one of the largest data center semiconductor operations in the world.

So, with shares now near…