Keep an eye on AMZN

Fundamental Key short arguments:

• Weak guidance
  despite solid results — growth is slowing, especially in retail.
  
  

• Margin pressure
  from huge AI and data-center investments with uncertain payoff.
  
  

• Dependence on Nvidia
  for AI chips means Amazon can’t yet control its costs or capacity.
  
  

• High valuation
  leaves little room for disappointment if AWS or ad growth softens.
  
  

• Macro risk:
  consumer weakness or higher rates would hit retail margins first.

If the AI bubble cools or AWS growth dips below expectations, AMZN’s “AI premium” could unwind sharply.