{
  "generatedAt": "2026-10-08T17:44:57Z",
  "disclaimer": "Analysis and opinion, not investment advice.",
  "kind": "company",
  "slug": "amazon",
  "name": "Amazon",
  "ticker": "AMZN",
  "url": "https://deepstack.ltd/companies/amazon/",
  "api": "https://deepstack.ltd/api/v1/entities/companies/amazon.json",
  "summary": "Amazon appears in Part 3, Part 4, Part 6, Part 8, Part 9, Part 10 of The Buildout. Part 3: The Machines Will Work. The Debt Might Not.; Part 4: AI Spending Has Met Its First Real Bill; Part 6: Power Doesn’t Depreciate. Its Premium Moves.; Part 8: AI Lenders Are Financing the End of Scarcity; Part 9: Habit Was the Moat. Agents Are Draining It.; Part 10: The Bubble Is in the Denominator.",
  "parts": [
    {
      "part": 3,
      "headline": "The Machines Will Work. The Debt Might Not.",
      "url": "https://deepstack.ltd/stories/the-debt-behind-the-machines/"
    },
    {
      "part": 4,
      "headline": "AI Spending Has Met Its First Real Bill",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    },
    {
      "part": 6,
      "headline": "Power Doesn’t Depreciate. Its Premium Moves.",
      "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/"
    },
    {
      "part": 8,
      "headline": "AI Lenders Are Financing the End of Scarcity",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 9,
      "headline": "Habit Was the Moat. Agents Are Draining It.",
      "url": "https://deepstack.ltd/stories/habit-was-the-moat/"
    },
    {
      "part": 10,
      "headline": "The Bubble Is in the Denominator",
      "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/"
    }
  ],
  "numbers": [],
  "mentions": [
    {
      "part": 3,
      "section": "Credit gets the last word",
      "excerpt": "Amazon is now the index’s fifth-largest issuer, behind only the big four banks.",
      "url": "https://deepstack.ltd/stories/the-debt-behind-the-machines/"
    },
    {
      "part": 4,
      "section": "Defense has a case",
      "excerpt": "Quanta 72 compares Cisco, EMC, Oracle and Sun with Nvidia, Microsoft, Alphabet and Amazon and points to the difference: the dot-com suppliers depended on customers who could stop buying, while today’s spenders fund the buildout from advertising, cloud, software and e-commerce.",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    },
    {
      "part": 4,
      "section": "Arithmetic sets the test",
      "excerpt": "Prof G Markets tallied the immediate bill: Amazon, Google, Microsoft and Meta spent $165 billion on capital spending in three months, up 87 percent from a year earlier and 393 percent from three years earlier.",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    },
    {
      "part": 4,
      "section": "The tape picks winners",
      "excerpt": "AWS grew 37 percent and now supplies more than 60 percent of Amazon’s operating profit, allowing Amazon to raise its guidance and post negative free cash flow without punishment.",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    },
    {
      "part": 6,
      "section": "The megawatt premium",
      "excerpt": "Amazon says every unit of capacity is sold when installed.",
      "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/"
    },
    {
      "part": 8,
      "section": "A shortage with a price",
      "excerpt": "Kris sees Amazon’s cloud unit unable to serve all its AI demand despite heavy orders for Nvidia chips and its own Trainium processors.",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 8,
      "section": "Cash, or a loop",
      "excerpt": "Ed Zitron said Alphabet, Amazon, Meta and Microsoft have together spent over $1 trillion on Nvidia GPUs, mostly to win the business of OpenAI and Anthropic, two companies they also help fund and that both lose heavily.",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 9,
      "section": "Lede",
      "excerpt": "Amazon then blocked it from buying on Amazon, saying it stored customer credentials and scraped account data, according to CNBC.",
      "url": "https://deepstack.ltd/stories/habit-was-the-moat/"
    },
    {
      "part": 9,
      "section": "Habit is not a moat",
      "excerpt": "That is why Amazon’s response matters.",
      "url": "https://deepstack.ltd/stories/habit-was-the-moat/"
    },
    {
      "part": 9,
      "section": "Habit is not a moat",
      "excerpt": "Shopify has no comparable ad business to protect and welcomed Muse; Amazon banned it.",
      "url": "https://deepstack.ltd/stories/habit-was-the-moat/"
    },
    {
      "part": 10,
      "section": "A cheap top",
      "excerpt": "AWS has had more demand for AI capacity than it could supply, Kris of Potential Multibaggers says, despite large Nvidia orders and Amazon’s own chips.",
      "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 10,
      "section": "Who writes the checks",
      "excerpt": "Two customers supplied almost 25% of Anthropic’s 2025 revenue, and Amazon and Google channels carried 47% of its sales.",
      "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/"
    }
  ],
  "sides": [
    {
      "part": 4,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "The current hyperscaler capex boom, with Alphabet, Amazon, Meta, and Microsoft together spending close to $800 billion in 2026, requires external capital funding for the first time because capex now exceeds internal cash flow.",
      "date": "2026-08-27",
      "url": "https://fiscal.ai/fund-letters/hayden-capital-q2-2026-fscl_document_4UXZ6MTS260",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/",
      "sidesUrl": "https://deepstack.ltd/sides/the-market-stops-paying-for-faith/"
    },
    {
      "part": 8,
      "question": null,
      "side": "spending-pays",
      "sideLabel": "The spending pays",
      "claim": "AWS has had more demand than supply, with customers wanting more AWS capacity for AI than could be served despite large Nvidia orders and Amazon's own Trainium chips, and the creator considers this kind of capacity-constrained spending among the…",
      "date": "2026-09-16",
      "url": "https://www.potentialmultibaggers.com/p/best-buys-now-september-2026",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/",
      "sidesUrl": "https://deepstack.ltd/sides/the-scarcity-is-the-collateral/"
    },
    {
      "part": 8,
      "question": "cash-or-loop",
      "side": "real-cash",
      "sideLabel": "Real cash, real use",
      "claim": "Today's biggest AI infrastructure spenders are large, highly profitable companies like Microsoft, Google, Amazon and Meta, with Microsoft generating more than $55 billion of operating cash flow in its latest quarter and Alphabet roughly $39…",
      "date": "2026-09-07",
      "url": "https://gaetanoresearch.substack.com/p/fiber-optics-boom-bust-how-similar",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/",
      "sidesUrl": "https://deepstack.ltd/sides/the-scarcity-is-the-collateral/"
    },
    {
      "part": 8,
      "question": "what-lenders-hold",
      "side": "guarantees-not-faith",
      "sideLabel": "Guarantees, not faith",
      "claim": "Hyperscalers including Google, Microsoft, Amazon, and Meta have spent over a trillion dollars in capital expenditure on GPUs, largely to capture revenue from OpenAI and Anthropic, which they themselves continue to fund, creating a closed loop where…",
      "date": "2026-09-09",
      "url": "https://realeismanplaybook.substack.com/p/inside-ais-fragile-ecosystem-with",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/",
      "sidesUrl": "https://deepstack.ltd/sides/the-scarcity-is-the-collateral/"
    },
    {
      "part": 9,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "The creator suggests that Muse acting as a layer that decides where consumer spend goes is a massive threat and opportunity for retailers, noting as evidence that Amazon banned Muse.",
      "date": "2026-09-28",
      "url": "https://www.yetanothervalueblog.com/p/before-you-fade-muse-use-it-for-72",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/habit-was-the-moat/",
      "sidesUrl": "https://deepstack.ltd/sides/habit-was-the-moat/"
    },
    {
      "part": 9,
      "question": "whose-margin-pays",
      "side": "inertia-businesses",
      "sideLabel": "The inertia businesses",
      "claim": "AI assistants don't need to replicate Amazon's warehouses to pressure Amazon's profits; they only need to become the place where the customer decides what to buy, illustrated by Amazon banning Muse while Shopify, which lacks a comparable scaled ad…",
      "date": "2026-09-29",
      "url": "https://www.a16z.news/p/who-gets-paid-when-ai-does-the-shopping",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/habit-was-the-moat/",
      "sidesUrl": "https://deepstack.ltd/sides/habit-was-the-moat/"
    },
    {
      "part": 9,
      "question": "whose-margin-pays",
      "side": "inertia-businesses",
      "sideLabel": "The inertia businesses",
      "claim": "Even if incumbents keep their fulfillment advantage, that doesn't guarantee they preserve their profit pool: in 2025 Amazon generated $69 billion in advertising revenue versus $34 billion in operating income ex-AWS, and at an assumed 70%…",
      "date": "2026-09-29",
      "url": "https://www.a16z.news/p/who-gets-paid-when-ai-does-the-shopping",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/habit-was-the-moat/",
      "sidesUrl": "https://deepstack.ltd/sides/habit-was-the-moat/"
    },
    {
      "part": 10,
      "question": "who-writes-the-checks",
      "side": "everyone-soon",
      "sideLabel": "Everyone, soon",
      "claim": "AWS has had more demand than supply, with customers wanting more AWS capacity for AI than could be served despite large Nvidia orders and Amazon's own Trainium chips, and the creator considers this kind of capacity-constrained spending among the…",
      "date": "2026-09-16",
      "url": "https://www.potentialmultibaggers.com/p/best-buys-now-september-2026",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/",
      "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 10,
      "question": "what-does-5-percent-do",
      "side": "long-end-nobody-caps",
      "sideLabel": "A long end nobody caps",
      "claim": "Consensus expects hyperscalers' operating cash flow to more than triple by 2030, outpacing the sharp increase in AI-driven capex, based on FactSet and Apollo Chief Economist sources for Google, Meta, Amazon, Microsoft and Oracle.",
      "date": "2026-09-21",
      "url": "https://www.apollo.com/insights-news/insights/daily-spark/hyperscaler-credit-rests-on-one-consensus-assumption",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/",
      "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/"
    }
  ],
  "coverage": {
    "creators": 115,
    "claims": 828,
    "texts": 502,
    "asOf": "2026-10-08"
  },
  "lastUpdated": "2026-10-08",
  "market": {
    "price": 259.34,
    "change": -0.58,
    "changePercent": -0.2231,
    "marketCap": 2789746314000,
    "pe": 20.5825,
    "nextEarnings": "2026-10-29",
    "exchange": "NASDAQ",
    "currency": "USD",
    "asOf": "2026-10-08T14:30:48.000Z",
    "source": "Financial Modeling Prep",
    "sourceUrl": "https://financialmodelingprep.com",
    "note": "Delayed quotes."
  }
}