Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<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

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, Smartkarma

αSK

Smartkarma AI

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><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
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.

Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

<ul>
<li>Amazon is navigating a dynamic tech landscape, leveraging its strong position in AI infrastructure and cloud services to drive long-term value creation and maintain a premium valuation in the market.</li>
<li>The company is making strategic investments in AI chips and foundational AI companies like Anthropic, aiming to optimize efficiency and scalability in its AWS segment.</li>
<li>Despite a current range-bound stock price, Amazon's financial metrics and company culture approach underscore its commitment to growth and competitive advantage in the evolving tech ecosystem.</li>
</ul>


Amazon is navigating a dynamic tech landscape, leveraging its strong position in AI infrastructure and cloud services to drive long-term value creation and maintain a premium valuation in the market.
The company is making strategic investments in AI chips and foundational AI companies like Anthropic, aiming to optimize efficiency and scalability in its AWS segment.
Despite a current range-bound stock price, Amazon's financial metrics and company culture approach underscore its commitment to growth and competitive advantage in the evolving tech ecosystem.


Amazon: Still Riding the Tech Volatility Wave

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

Thematic (Sector/Industry)

<ul>
<li>Ahold Delhaize | Carrefour firmly denies possible exit from Belgium Carrefour has firmly denied any intention to exit Belgium after media reports suggested its local operations were under review.</li>
<li>With roughly 700 stores, the company maintains one of the largest retail networks in the country.</li>
<li>However, its Belgian revenues - estimated at EUR 4.0–4.5bn - lag far behind peers that operate far fewer outlets. </li>
</ul>


Ahold Delhaize | Carrefour firmly denies possible exit from Belgium Carrefour has firmly denied any intention to exit Belgium after media reports suggested its local operations were under review.
With roughly 700 stores, the company maintains one of the largest retail networks in the country.
However, its Belgian revenues - estimated at EUR 4.0–4.5bn - lag far behind peers that operate far fewer outlets. 


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)

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

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

Amazon: Still Riding the Tech Volatility Wave

Amazon is strategically investing in AI infrastructure to drive long-term value and maintain a competitive edge in the tech landscape. A trade,...

Jay Cameron

What's New(s) in Amsterdam

Ahold Delhaize | Carrefour firmly denies possible exit from Belgium Carrefour has firmly denied any intention to exit Belgium after media reports...

The IDEA!

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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

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

Amazon: Still Riding the Tech Volatility Wave

​Amazon is strategically investing in AI infrastructure to drive long-term value and maintain a competitive edge in the tech landscape. A trade,...

Jay Cameron

What's New(s) in Amsterdam

Ahold Delhaize | Carrefour firmly denies possible exit from Belgium Carrefour has firmly denied any intention to exit Belgium after media reports...

The IDEA!

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...

Amazon is strategically investing in AI infrastructure to drive long-term value and maintain a competitive edge in the tech landscape. A trade,...