Amazon.com, Inc. Thesis

Amazon's reportable segments are organized geographically and by service type, consisting of **North America**, **International**, and **Amazon Web Services (AWS)**. The North America and International segments together form the company’s massive retail core, while AWS represents its high-growth cloud computing business. This segmentation is a deliberate choice that highlights the distinct, high-margin nature of the AWS business while also providing a clear view of the performance of its global retail operations.

The company's strategic narrative, as outlined in CEO Andy Jassy’s 2024 shareholder letter, is rooted in a **"Why Culture" of relentless customer obsession and continuous invention**. Key growth drivers for the retail business include improving logistics to lower prices and increase delivery speed for Prime members, and continuously expanding product selection. For AWS, the growth driver is the ongoing demand for cloud infrastructure and the launch of new AI-focused services and custom silicon. These investments in AI and infrastructure are designed to enhance the customer experience and drive future growth across the entire ecosystem. The company's success is a direct result of its ability to make long-term, patient investments funded by the immense scale and cash flow of its core businesses.

No specific long-term financial targets were found in the provided materials. This is consistent with Amazon's historical practice of **prioritizing a long-term, qualitative vision over short-term quantitative guidance**. The company’s focus on its core mission and its willingness to endure short-term costs to build future-defining ventures is a cornerstone of its corporate identity. This approach requires investors to trust the company’s strategic direction and its historical track record of creating value over a multi-year horizon.