Market Maps
AWS Margin Pressure and the Cloud Reset
AWS revenue grew 20% but operating income only 14% in FY2025. The cloud reset is margin compression during the AI capex wave, read from the 10-K.
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Market Maps
Amazon Prime and the Subscription Flywheel
The Amazon Prime subscription flywheel: how a $49.6B fee buys frequency that monetizes through seller fees and ads, read through Amazon's filings.