🐂 AMZN — Company Profile (Teaching)¶
Teaching site, not investment advice. Specific market cap / stock price / financial figures change frequently and are intentionally omitted; use the SEC + Yahoo Finance links below to pull real-time data yourself.
📌 Basics¶
| Dimension | Content | Source |
|---|---|---|
| Core business | AWS cloud + North America / International e-commerce + advertising + Prime subscription + Kindle / Alexa / Ring devices | 10-K FY25 |
| Founded / HQ | 1994 / Seattle, Washington, USA | wiki |
| CEO | Andy Jassy (since 2021/07, succeeded Bezos; former AWS CEO) | DEF 14A |
| Primary listing | NASDAQ: AMZN | — |
| Fiscal year | Calendar year (Jan 1 – Dec 31) | SEC EDGAR |
💡 Real-time market cap / share price / AWS growth / ad revenue: see SEC primary + IR links below.
🏭 Supply Chain Coordinates (Part 1-C6 framework)¶
Upstream (Who AMZN Depends On)¶
| Supplier | What flows | Key dependency |
|---|---|---|
NVDA |
AI training / inference GPUs (AWS mainstay H100/H200/Blackwell capacity) | #4 hyperscaler customer |
AMD |
MI300/MI350 GPUs (secondary, offered for rent on AWS) | Diversifies risk |
MRVL |
Trainium / Inferentia in-house ASIC IP partnership | Critical lock-in |
TSM |
Trainium / Graviton ARM CPU / Inferentia foundry | Only option |
ANTH |
Model IP (AMZN $8B already invested + $5B in 2026/04 = $13B invested + up to $20B future (cap $33B); Anthropic committed >$100B over 10 years to AWS + 5GW Trainium/Graviton capacity) | Strategic partner |
| Logistics / warehousing / delivery fleet + sellers | E-commerce operations | Highly diversified |
Downstream (Who Depends on AMZN)¶
| Customer | Relationship | Concentration |
|---|---|---|
| Global AWS enterprises + startups | #1 public cloud | Highly diversified (but ANTH is a mega-deal via Trainium commitment) |
| Global e-commerce buyers | Prime > 200M members | Highly diversified |
| Third-party sellers (3P) | Marketplace + FBA + ads | Highly diversified |
| Advertisers | #3 digital ad platform (after GOOGL + META) | Not concentrated |
Competitors¶
- Cloud:
MSFTAzure (#2 share) /GOOGLGCP /ORCLOCI - AI models: AMZN promotes Anthropic Claude / Bedrock multi-model — 2026/04/28 announcement: OpenAI models / Codex / Managed Agents added to Bedrock (limited preview), in sync with MSFT Azure exclusivity ending
- E-commerce:
BABATaobao /WMT/SHOP/TGT/MELI(LatAm) /JD(China) - Streaming:
NFLX/DIS+/MAX/ Apple TV+ - Devices:
AAPLHomePod /GOOGNest
💼 Business Model + Value Capture (Part 1-C7 view)¶
- Revenue mix: North America e-commerce ~58% / International e-commerce ~21% / AWS ~17% (but 60%+ of operating profit comes from AWS)
- Gross margin: ~47% overall; AWS GM 60%+; e-commerce near break-even
- Pricing power: AWS engaged in price war with Azure / GCP (medium); Prime $139/yr inelastic — AWS strong / e-commerce weak
- Substitution difficulty: AWS extremely high (enterprise data + IAM + S3 lock-in for 30 years) / e-commerce high (Prime logistics + seller ecosystem two-sided)
(For specific quarterly revenue / AWS growth / ad revenue, see the latest SEC 10-Q.)
🏰 Moat Assessment (Part 3-C2 Buffett 5-step lens)¶
| Type | Strength (0-1) | Source |
|---|---|---|
| Brand | 0.9 | Global e-commerce default + AWS is the IT industry default |
| Switching cost | 1.0 | AWS S3/IAM/Lambda lock enterprise data for 30 years; Prime logistics locks in consumer habit |
| Network effects | 0.8 | Marketplace seller-buyer two-sided; AWS developer ecosystem; Prime Video + logistics + shopping bundle |
| Scale + cost | 0.9 | Global fulfillment network + AWS 200+ services + in-house Trainium / Graviton |
Composite: 3.6 / 4 → extremely strong moat, AWS + e-commerce dual engines
⚠️ Key Reverse-Trigger Conditions (Part 3-C5 anti-thesis view)¶
- Trigger 1 (quarterly): AWS growth < 15% YoY for 2 consecutive quarters (vs. 25%+ historical)
- Trigger 2 (quarterly): Anthropic model quality falls significantly behind OpenAI / Google — Bedrock traffic shrinks
- Trigger 3 (event): FTC antitrust suit ruling forces AWS/e-commerce breakup (2023/09 case in progress)
- Trigger 4 (annual): Operating margin compresses — heavy AI capex but slow AWS AI revenue growth
- Trigger 5 (low probability): Prime membership growth stalls + churn rises — logistics flywheel breakdown signal
🔗 Teaching Cross-References¶
- Part 1-C2 · AI industry map — AMZN spans infra (Trainium / AWS) + model (Anthropic) + app
- Part 1-C4 · How the money flows — AMZN $13B already invested in Anthropic (cap $33B); Anthropic commits >$100B over 10 years to AWS + 5GW capacity — circular flow
- Part 1-C7 · Business model — AWS 60%+ GM vs. e-commerce break-even
- Part 1-C10 · 5 real cases — AWS-Anthropic strategic partnership
- Patterns — #1 network effects · #2 incumbent moat · #4 cash cow
📚 SEC Primary Filings (look it up yourself)¶
- Latest 10-Q (quarterly) — AWS growth + segments + capex
- Latest 10-K (FY25 annual) — full annual data + Anthropic investment disclosure
- Amazon-Anthropic additional $5B (2026/04) — LEDGER F-027
- AWS-Anthropic >$100B / 10 years + 5GW capacity (2026/04/20) — LEDGER F-027 (note: $38B + $100B/8yr deal is OpenAI-AWS = LEDGER F-026, do not confuse)
- Investor relations — earnings calendar + historical data
- SEC EDGAR all filings — full filing history
Real-time quote: Yahoo Finance AMZN
Teaching use · numbers change — learn the method, not the specific figures · investment decisions are based on your own research + risk tolerance