External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Amazon announced (31 Oct HKT) 3Q25 results: revenue was US$180.2bn, up 13.4% YoY (3Q24: 11.0%), 2/1% better than our forecast/Bloomberg consensus estimate, and total operating profit was US$17.4bn, flat YoY.</li><li>Excluding the impact of two special charges (US$2.5bn related to a legal settlement with the Federal Trade Commission and US$1.8bn in estimated severance cost related to planned role eliminations), OP would reach US$21.7bn (vs consensus at US$19.8bn), up 25% YoY.</li><li>In 3Q25, YoY revenue growth of AWS accelerated to 20.2% (2Q25: 17.5%; 3Q24: 19.1%), 2ppts ahead of consensus, driven by strong demand and relaxation of supply constraints, and the optimization in cost to serve as well as solid ads revenue growth (24% YoY) continue to drive margin expansion of both North America (NA) and International business (after excluding impact of special charges). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Amazon announced (31 Oct HKT) 3Q25 results: revenue was US$180.2bn, up 13.4% YoY (3Q24: 11.0%), 2/1% better than our forecast/Bloomberg consensus estimate, and total operating profit was US$17.4bn, flat YoY.Excluding the impact of two special charges (US$2.5bn related to a legal settlement with the Federal Trade Commission and US$1.8bn in estimated severance cost related to planned role eliminations), OP would reach US$21.7bn (vs consensus at US$19.8bn), up 25% YoY.In 3Q25, YoY revenue growth of AWS accelerated to 20.2% (2Q25: 17.5%; 3Q24: 19.1%), 2ppts ahead of consensus, driven by strong demand and relaxation of supply constraints, and the optimization in cost to serve as well as solid ads revenue growth (24% YoY) continue to drive margin expansion of both North America (NA) and International business (after excluding impact of special charges). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Amazon (AMZN US) - Acceleration in Cloud Revenue Growth Better than Expected

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>3Q25 revenue up 13% YoY, AWS up 20%, Operating Profit would have increased by 25% YoY but 2 one-time charges (FTC and headcount) bring OP flat YoY.</li>
<li>2025 Capex revised up from $100bn to 125bn. If Data Center capacity doubles to 2027, that means $205bn Capex in 2027. AWS revenues will double to ~$270bn? Probably yes.</li>
<li>Next 2 years revenue growth and margins expansion are an AWS story. Valuations are average at 31x forward EPS. Buy more.</li>
</ul>


3Q25 revenue up 13% YoY, AWS up 20%, Operating Profit would have increased by 25% YoY but 2 one-time charges (FTC and headcount) bring OP flat YoY.
2025 Capex revised up from $100bn to 125bn. If Data Center capacity doubles to 2027, that means $205bn Capex in 2027. AWS revenues will double to ~$270bn? Probably yes.
Next 2 years revenue growth and margins expansion are an AWS story. Valuations are average at 31x forward EPS. Buy more.


AMZN 3Q25: Very Good 3Q as AWS Revenue Accelerates to 20% YoY. AWS Data Center Capacity to Double

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Thematic (Sector/Industry)

<ul>
<li>Samsung and SK hynix are projecting $263 billion in combined net cash by year-end, intensifying pressure to move beyond 50% free-cash-flow payout targets.</li>
<li>Customer deposits and price floors underwrite new capacity, significantly improving demand visibility and weakening the traditional cycle-risk argument for holding massive excess cash.</li>
<li>While LTAs de-risk memory, capital demands remain high. Samsung’s foundry requires heavy investment, and both firms face potential supply-chain contingencies at their Chinese fabs.</li>
</ul>


Samsung and SK hynix are projecting $263 billion in combined net cash by year-end, intensifying pressure to move beyond 50% free-cash-flow payout targets.
Customer deposits and price floors underwrite new capacity, significantly improving demand visibility and weakening the traditional cycle-risk argument for holding massive excess cash.
While LTAs de-risk memory, capital demands remain high. Samsung’s foundry requires heavy investment, and both firms face potential supply-chain contingencies at their Chinese fabs.


[Memory Q2: Part 2] The Contract-Backed Cycle and the Cash Mountain

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Amazon’s long-term AI ambitions are being tested as its $8 billion bet on Anthropic faces a potential turning point.</li><li>Recent reports reveal that Anthropic, the AI startup behind the Claude language model and currently enjoying a $5 billion annualized revenue run rate, is in talks with Alphabet’s Google for a cloud-computing deal potentially worth tens of billions of dollars.</li><li>This shift, if finalized, could grant Anthropic access to Google’s advanced AI chips, a key competitive asset as workloads grow increasingly complex.</li></ul>

Amazon’s long-term AI ambitions are being tested as its $8 billion bet on Anthropic faces a potential turning point.Recent reports reveal that Anthropic, the AI startup behind the Claude language model and currently enjoying a $5 billion annualized revenue run rate, is in talks with Alphabet’s Google for a cloud-computing deal potentially worth tens of billions of dollars.This shift, if finalized, could grant Anthropic access to Google’s advanced AI chips, a key competitive asset as workloads grow increasingly complex.

Amazon.com Inc - Amazon’s Quiet Crisis: What Anthropic’s Defection Could Mean for AWS

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
<a href="https://smartkarma.com/entities/amazon-com-inc">Amazon</a> stands as a dominant force in both e-commerce and cloud computing (AWS), positioning it uniquely to capitalize on the secular growth trends of digital retail and cloud adoption.</li>
 <li>The company's strategic imperative is centered on artificial intelligence, with significant investments in proprietary technology and foundational companies like Anthropic, aiming to secure a leadership position in this transformative field and drive long-term value, particularly through AWS.</li>
 <li>While the growth outlook is robust, <a href="https://smartkarma.com/entities/amazon-com-inc">Amazon</a> faces significant headwinds from intensifying global competition, mounting regulatory pressure in the U.S. and Europe, and execution risks associated with its ambitious, capital-intensive investments.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Amazon stands as a dominant force in both e-commerce and cloud computing (AWS), positioning it uniquely to capitalize on the secular growth trends of digital retail and cloud adoption.
  The company's strategic imperative is centered on artificial intelligence, with significant investments in proprietary technology and foundational companies like Anthropic, aiming to secure a leadership position in this transformative field and drive long-term value, particularly through AWS.
  While the growth outlook is robust, Amazon faces significant headwinds from intensifying global competition, mounting regulatory pressure in the U.S. and Europe, and execution risks associated with its ambitious, capital-intensive investments.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon (AMZN US)

Amazon (AMZN US) - Acceleration in Cloud Revenue Growth Better than Expected

Amazon announced (31 Oct HKT) 3Q25 results: revenue was US$180.2bn, up 13.4% YoY (3Q24: 11.0%), 2/1% better than our forecast/Bloomberg consensus...

CMB International

AMZN 3Q25: Very Good 3Q as AWS Revenue Accelerates to 20% YoY. AWS Data Center Capacity to Double

Amazon's 3Q25 revenue up 13% YoY, AWS up 20%, but one-time charges keep Operating Profit flat YoY. Focus on AWS growth and margins for next 2...

Nicolas Baratte

[Memory Q2: Part 2] The Contract-Backed Cycle and the Cash Mountain

As AI changes memory contracting via LTAs, the traditional cyclical excuse for hoarding cash is weakening among investors, especially as Samsung...

Mint Finance

Amazon.com Inc - Amazon’s Quiet Crisis: What Anthropic’s Defection Could Mean for AWS

Amazon’s long-term AI ambitions are being tested as its $8 billion bet on Anthropic faces a potential turning point. Recent reports reveal that...

Baptista Research

Primer: Amazon (AMZN US) - Oct 2025

Amazon stands as a dominant force in both e-commerce and cloud computing (AWS), positioning it uniquely to capitalize on the secular growth...

αSK Primers

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Amazon (AMZN US) - Acceleration in Cloud Revenue Growth Better than Expected

Amazon announced (31 Oct HKT) 3Q25 results: revenue was US$180.2bn, up 13.4% YoY (3Q24: 11.0%), 2/1% better than our forecast/Bloomberg consensus...

CMB International

AMZN 3Q25: Very Good 3Q as AWS Revenue Accelerates to 20% YoY. AWS Data Center Capacity to Double

​Amazon's 3Q25 revenue up 13% YoY, AWS up 20%, but one-time charges keep Operating Profit flat YoY. Focus on AWS growth and margins for next 2...

Nicolas Baratte

[Memory Q2: Part 2] The Contract-Backed Cycle and the Cash Mountain

As AI changes memory contracting via LTAs, the traditional cyclical excuse for hoarding cash is weakening among investors, especially as Samsung...

Mint Finance

Amazon.com Inc - Amazon’s Quiet Crisis: What Anthropic’s Defection Could Mean for AWS

Amazon’s long-term AI ambitions are being tested as its $8 billion bet on Anthropic faces a potential turning point. Recent reports reveal that...

Baptista Research

Primer: Amazon (AMZN US) - Oct 2025

Amazon stands as a dominant force in both e-commerce and cloud computing (AWS), positioning it uniquely to capitalize on the secular growth...

αSK Primers

Amazon's 3Q25 revenue up 13% YoY, AWS up 20%, but one-time charges keep Operating Profit flat YoY. Focus on AWS growth and margins for next 2...