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Core Viewpoint - Despite the acceleration of growth in Amazon Web Services (AWS) and the expansion of its most profitable commercial business, Amazon's stock performance has lagged behind the overall tech market due to concerns over projected capital expenditures reaching $125 billion in 2025 and potentially increasing in 2026 [1][5] Group 1: Business Model and Strategy - Amazon is positioning itself as a low-cost computing provider by focusing on customized chips (Trainium3) and transitioning to a service-led revenue structure, with service revenue currently accounting for 60% of total sales [1] - The company's long-term strategy prioritizes infrastructure investment in AWS, with a remaining performance obligation of $200 billion and an average remaining term of 3.8 years, indicating strong demand visibility [5] - The shift towards service-oriented revenue, particularly from third-party sellers, enhances profit margins and reduces capital requirements compared to self-operated retail [11][12] Group 2: Competitive Landscape and AI Strategy - AWS aims to become one of the most efficient AI token producers globally, with the launch of the EC2 Trn3 super server based on the Trainium3 chip, which offers 4.4 times the performance and 40% lower energy consumption compared to its predecessor [7][8] - The focus is shifting from peak training performance to throughput and unit token cost, as McKinsey predicts that by 2030, inference workloads will dominate AI workloads, comprising over 50% of total AI computing [7][8] Group 3: Financial Performance and Valuation - In Q3 2025, Amazon's total net sales reached $180.2 billion, with service net sales of $106.1 billion, representing 59% of total sales, highlighting the significant shift towards higher-margin service revenue [11][16] - Advertising revenue grew to $17.7 billion in Q3, up 24% year-over-year, and is closely tied to actual purchasing behavior, providing a high-margin revenue stream that supports AWS's capital expenditures [15][16] - Current stock price is approximately $232 per share, with a market capitalization of $2.48 trillion, reflecting a reasonable valuation given the company's transition towards high-margin service businesses and a 16% year-over-year increase in operating cash flow [16][17] Group 4: Long-term Investment Appeal - Amazon's potential lies in its ability to monetize demand across multiple business segments (AWS consumption, third-party fees, subscription services, and advertising) while reducing unit token costs through vertical integration [22] - The company is expected to maintain a 35% operating margin in AWS while accelerating growth, making it an attractive opportunity for long-term investors focused on core profitable businesses amid a significant technological transformation [22]