Amazon is accelerating growth across AWS, advertising, and custom silicon, with the revenue mix shifting rapidly toward high-margin segments. AWS delivered 36.7% Y/Y growth and now comprises 60.5% of operating income, with backlog surging to $496B and capacity as the primary constraint. AMZN trades at a P/E of 20.8 and EV/EBITDA of 17.27, appearing cheap relative to peers, despite negative FCF driven by a $220B CapEx cycle.
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