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Amazon is a global technology company that operates in various sectors, including e-commerce, cloud computing, and digital streaming. The company organizes its business activities into three main segments: North America, International, and Amazon Web Services (AWS), serving a wide range of customers such as consumers, sellers, developers, enterprises, content creators, advertisers, and employees . Amazon's diverse product lines include online and physical retail stores, third-party seller services, advertising services, subscription services, and AWS, which provides on-demand technology services .
- Online Stores - Offers a wide range of products and digital media content through its e-commerce platform.
- Third-Party Seller Services - Provides a marketplace for sellers, including services like commissions and fulfillment.
- Amazon Web Services (AWS) - Delivers on-demand cloud computing and technology services to businesses and developers.
- Advertising Services - Sells advertising space and services to various clients, enhancing their visibility and reach.
- Subscription Services - Includes offerings like Amazon Prime and digital content subscriptions, providing exclusive benefits and content.
- Physical Stores - Operates retail locations where customers can purchase items directly in-store.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Andrew R. Jassy Executive | President and Chief Executive Officer | Trustee and sponsor of Rainier Scholars; Chair and founding member of Rainier Prep | Joined Amazon in 1997, founded and led AWS, became CEO in July 2021. | View Report → |
Brian T. Olsavsky Executive | Senior Vice President and Chief Financial Officer | None mentioned | Joined Amazon in 2002, became CFO in June 2015. | |
David A. Zapolsky Executive | Senior Vice President, Global Public Policy and General Counsel | None mentioned | Joined Amazon in 2002, held various legal roles, became Senior Vice President, Global Public Policy and General Counsel in May 2023. | |
Douglas J. Herrington Executive | CEO of Worldwide Amazon Stores | None mentioned | Joined Amazon in 2005, held leadership roles in Consumables and North America Consumer divisions, became CEO of Worldwide Amazon Stores in July 2022. | |
Matthew S. Garman Executive | CEO of Amazon Web Services | None mentioned | Joined Amazon in 2005, held various leadership roles in AWS, became CEO of AWS in June 2024. | View Report → |
Shelley L. Reynolds Executive | Vice President, Worldwide Controller, and Principal Accounting Officer | None mentioned | Serving as Vice President, Worldwide Controller, and Principal Accounting Officer since April 2007. | |
Andrew Y. Ng Board | Director | Managing General Partner, AI Fund LP; Founder, DeepLearning.AI LLC; Founder and CEO, Landing AI, Inc.; Chairman and Co-Founder, Coursera, Inc.; Adjunct Professor, Stanford University | Director since April 2024, expertise in AI and education. | |
Brad D. Smith Board | Director | Director of Humana Inc.; President of Marshall University | Director since September 2023, former President and CEO of Intuit. | |
Daniel P. Huttenlocher Board | Director | Dean of MIT Schwarzman College of Computing; Director of Corning Incorporated | Director since September 2016, expertise in AI and technology. | |
Edith W. Cooper Board | Director | Director of PepsiCo, Inc.; Trustee of the Museum of Modern Art; Member of the Museum Council of the Smithsonian National Museum of African American History and Culture; Trustee of Mount Sinai Health Systems, Institute for Health Equity Research | Director since September 2021, co-founder of Medley Living, Inc.. | |
Indra K. Nooyi Board | Director | Director of Royal Philips; Trustee of Memorial Sloan Kettering Cancer Center; Trustee of the National Gallery of Art; Trustee of The Asia Society; Director of Partnership for Public Service; Member of the Dean’s Advisory Council at MIT’s School of Engineering | Director since February 2019, former Chair and CEO of PepsiCo. | |
Jamie S. Gorelick Board | Director | Partner at Wilmer Cutler Pickering Hale and Dorr LLP; Director at VeriSign, Inc.; Chair of the Urban Institute | Director since February 2012, Chair of the Nominating and Corporate Governance Committee. | |
Jeffrey P. Bezos Board | Executive Chair | Executive Chair of the Bezos Earth Fund; Founder of the Bezos Day One Fund; Founder of Blue Origin; Owner of The Washington Post | Founded Amazon in 1994, served as CEO until July 2021, currently Executive Chair. | |
Jonathan J. Rubinstein Board | Director | Lead director of Robinhood Markets, Inc. | Director since December 2010, extensive experience in leadership and technology. | |
Keith B. Alexander Board | Director | Former CEO, President, and Chair of IronNet, Inc. | Director since September 2020, Chair of the Security Committee. | |
Patricia Q. Stonesifer Board | Director | Trustee of The Rockefeller Foundation; Vice Chair of the Board of Directors of Co-Impact; Emeritus Member of the Museum Council of the Smithsonian National Museum of African American History and Culture; Member of the Board of Advisors of TheDream.US | Director since February 1997, extensive leadership experience. | |
Wendell P. Weeks Board | Director | Chairman and CEO of Corning Incorporated; Board of Trustees for the Corning Museum of Glass; Board of Trustees for the Institute for Advanced Study; Liveris Academy Honorary Board; White House Advisory Committee for Trade Policy and Negotiations | Director since February 2016, extensive experience in innovation and technology. |
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With the significant increase in AI-related workloads driving AWS demand, how is Amazon addressing the current capacity constraints in AWS, especially given the ongoing shortage of high-performance chips like NVIDIA's GPUs, and how might this impact your ability to meet customer demand in the near term?
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AWS operating margins have seen fluctuations due to the level of investments; can you provide more clarity on how the increased spending on AI infrastructure and custom silicon like Trainium and Inferentia will impact AWS profitability in the coming quarters?
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You mentioned a shift towards lower average selling price (ASP) items and consumers being more price-conscious; how does this trend affect your overall retail margins, and what strategies are in place to ensure profitability despite the potential pressure from increased sales of lower ASP products?
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The third-party seller unit mix declined slightly in Q3, which is unusual; can you explain the specific factors contributing to this shift, and what steps are you taking to support third-party sellers and potentially reverse this trend?
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While international segment operating income has improved, emerging markets may still be facing challenges; can you elaborate on the specific initiatives being undertaken to drive profitability in these regions, and what hurdles do you anticipate in aligning international margins with North America over time?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
1Life Healthcare, Inc. (One Medical) | 2023 | Amazon acquired 1Life Healthcare for approximately $3.5 billion in cash, with $1.3 billion allocated to intangible assets and $2.5 billion to goodwill to enhance its healthcare offerings including 24/7 virtual care and in-office visits. |
MGM Holdings Inc. | 2022 | Amazon acquired MGM Holdings on March 17, 2022, for about $6.1 billion net, assuming $2.5 billion in debt and obtaining assets such as a $3.4 billion video content portfolio and $4.9 billion in goodwill to strengthen its digital media content and streaming services. |
Recent press releases and 8-K filings for AMZN.
- AWS revenue expected to re-accelerate as AI backlogs convert to earnings
- Advertising margins may improve via AI-driven efficiencies in ad creation and deployment
- CAPEX ROI now evaluated through identifiable AI profit pools, enabling clearer ROI measurement
- Emerging AI winners beyond hyperscalers include Pinterest (Performance Plus) and AppLovin
- Consumer AI monetization will span subscription, advertising, and commerce, with subscription fees likely growing
- Prime Day has grown from a one-day event to a four-day sale in its 11th year, shifted closer to July 4th, with other major retailers following suit.
- Amazon stands out through selection, price, and convenience, leveraging its logistics network for same- and next-day delivery.
- Retail media spending now exceeds TV advertising, and Amazon’s partnership with Roku enables targeted TV ads based on purchase data and downstream impact measurement.
- PMG’s platforms—Velocity for Amazon consumer signals and Allie for cross-channel marketing metrics—drive optimized retail media strategies.
- Amazon Web Services is identified as the primary profit driver, offering significantly higher margins than retail or Prime.
- A recent CIO survey indicates AWS is gaining market share from Microsoft Azure, Google Cloud, and Oracle Cloud.
- Morgan Stanley’s analysis suggests consensus estimates for AWS growth may be too conservative, implying potential for earnings beats.
- A planned Alexa Plus rollout this fall adds another potential catalyst to Amazon’s growth outlook.
- Canada’s Competition Bureau has expanded its investigation of Amazon’s Marketplace Fair Pricing Policy, probing whether it discourages third-party sellers from offering lower prices elsewhere and enables higher seller fees since 2020.
- A Federal Court order now compels Amazon to produce documents and data relevant to the probe into a potential abuse of dominance under Canadian competition law.
- The policy allows Amazon to penalize sellers for pricing conduct deemed to damage customer trust, including setting prices significantly higher than recent prices on Amazon or other platforms.
- Amazon’s stock dipped 1.1% following the news, coinciding with mixed market reactions to Prime Day amid trade tensions and tariff concerns.
- President Trump’s newly signed spending bill slashes tax credits for solar, wind and batteries, which is expected to flatten or reverse solar and wind growth, extending gas dominance and potentially triggering a coal rebound in parts of the US.
- Data centers already consume more electricity than some countries—and with US clean-power expansion slowed, AI build-out costs will rise and deployment may stall without cheap, reliable power.
- Cuts to storage incentives could complicate grid integration of clean energy, making the AI infrastructure build-out slower, dirtier and more expensive just as China accelerates its energy capacity expansion.
- Despite big-tech’s lobbying strength, focus on AI regulation overrides energy concerns, resulting in limited public pushback on the bill’s clean-energy cuts.
- Amazon Founder and Executive Chair Jeff Bezos sold 3.3 million shares worth $737 million in late June under a pre-arranged 10b5-1 trading plan initiated in March.
- The plan allows him to sell up to 25 million shares by May 2026 and marks his first stock sale in 2025.
- In 2024, Bezos sold nearly $5 billion of Amazon shares amid record-high stock prices and market rallies.
- He has donated nearly one million shares to nonprofits in 2025, supporting climate change and homelessness initiatives.
- Following the June sale, Bezos remains Amazon’s largest individual shareholder with about 905 million shares.
- Amazon expects generative AI agents to automate tasks like coding, research, analytics, spreadsheets, anomaly detection and localization, reducing headcount in some roles while raising job complexity and productivity across teams.
- The company plans to hire more talent in AI and robotics to develop, deploy and manage these new technologies, offsetting workforce reductions in automated functions.
- Amazon is investing billions in AI infrastructure—over $20 billion in a Pennsylvania data center cluster, plus facilities in Indiana and Mississippi—to overcome power constraints and scale capacity for its AI business.
- Canada abandoned its proposed 3% digital services tax, which targeted revenue above $20 million and was retroactive to 2022.
- The repeal came mere hours before the tax’s scheduled start, aiming to resume US–Canada trade talks with a deal by July 21.
- The measure would have impacted Amazon alongside Meta, Google, and Apple.
- The decision may avert US tariffs threatened by President Trump in response to the digital tax.
- Jim Cramer noted that high tariffs on imported appliances will grant Whirlpool a near-monopoly in the U.S. market, potentially lifting its stock to $120.
- The U.S. government’s decision to back Whirlpool over foreign competitors is expected to distort the market in Whirlpool’s favor.
- Whirlpool currently trades at 7× earnings, making it an attractive play under the new tariff regime.
- US intelligence report finds airstrikes failed to destroy Iran’s nuclear stockpile, setting the program back only a few months as a fragile ceasefire holds.
- US commits $7 million with potential for $30 million monthly to the Gaza Humanitarian Foundation despite security and financial transparency concerns.
- Israeli PM Netanyahu’s standing is bolstered by joint US–Israel strikes on Iran and actions against Hezbollah, reshaping his domestic legacy.
- Fed Chair Powell warns it’s too soon to plan rate cuts, awaiting clarity on tariff impacts, counter to President Trump’s demands.