Group 1: Amazon - Amazon has underperformed in 2025, with a year-to-date increase of only 5.5% compared to the S&P 500's 17.3% gain [4] - Amazon Web Services (AWS) is now generating more than double the operating income compared to the rest of the business combined, indicating a shift in the company's revenue model [5] - Despite pressures on consumer spending and competition in cloud computing, Amazon's earnings are growing at a solid pace, with a forward earnings multiple of 32.8, comparable to Apple's 33.2, while growing faster [6] Group 2: Netflix - Netflix's stock has decreased by 29% in the last six months, but it has still seen significant price increases since the start of 2023, with a forward price-to-earnings ratio of 37 [7][10] - The company is facing uncertainty due to its acquisition of Warner Bros. Discovery, which has raised concerns among investors about future earnings growth [8][11] - Despite rising operating expenses, Netflix maintains a strong balance sheet and is expected to leverage Warner Bros. Discovery's assets to enhance its subscription offerings and in-house production capabilities [12] Group 3: Visa - Visa is positioned as a leading payment processor in the U.S. and is benefiting from the ongoing shift towards digital transactions, with a market cap of $671 billion [15][16] - The company's fee structure allows it to generate revenue from every transaction, making it resilient even during economic downturns [17] - With a forward earnings multiple of 27.7, Visa is considered a reasonable investment for an industry leader, despite not being the cheapest option available [18]