Amazon: three profit engines, one capital-spending test
Commerce, advertising and AWS accelerated in the June 2026 quarter, while the AI infrastructure build pushed trailing free cash flow below zero. This living report weighs Amazon’s moat, capital intensity and option-market setup after earnings.
YieldCove Research Desk
9 min read
The verdict
Members only- Wheel fit
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- CSP entry zone
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- Fair value
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Amazon is no longer one retail business with a cloud side project. North America and International connect shoppers, third-party sellers, advertisers, subscribers and a huge logistics network. AWS sells computing, storage, databases and artificial-intelligence infrastructure. These pieces reinforce one another: Prime raises purchase frequency, marketplace…
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