What smart money is saying about Amazon
AMZN · Consumer Cyclical · Specialty Retail · Market cap $2231.26B
36 funds in our archive have pitched Amazon, most recently Wedgewood Partners U.S. Large Cap Growth Strategy in September 2026.
Company profile
Amazon.com, Inc. operates a vast global retail enterprise, distributing consumer goods and subscription services through both its extensive online platforms and a network of physical stores across North America and internationally. Its operations are structured into three primary segments: North America, International, and Amazon Web Services (AWS). The company's product offerings encompass both merchandise and content procured for direct resale, alongside items sold by third-party merchants on its platform. Furthermore, the company develops and markets its own range of electronic devices, such as Kindle e-readers, Fire tablets and TVs, Ring, Blink, eero, and Echo products. It also invests in the development and production of original media content. Amazon provides various programs designed to enable independent sellers to offer their products, and empowers authors, musicians, filmmakers, Twitch streamers, and app developers to publish and commercialize their content. Beyond this, it delivers a comprehensive suite of cloud computing solutions, including compute, storage, database, analytics, and machine learning services through AWS. The company also offers fulfillment services, advertising solutions, and digital content subscriptions. A key offering is Amazon Prime, its exclusive membership program. Amazon caters to a wide array of clientele, including individual consumers, third-party sellers, software developers, enterprise clients, content creators, and advertisers. Incorporated in 1994, Amazon.com, Inc. maintains its headquarters in Seattle, Washington.
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Fund signal · last 12 months
190 lettersFunds are split between buying and selling
+15
Net flow
35 buys · 8 new positions · 64%20 sells · 2 full exits
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q4 2024 and Q3 2026, 213 fund letters reported a position in Amazon, with 38 buys (opened or added) and 20 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 78 | 14 | 3 | 6 |
| Q2 2026 | 83 | 18 | 12 | 10 |
| Q1 2026 | 15 | 2 | 3 | 3 |
| Q4 2025 | 14 | 1 | 2 | 7 |
| Q3 2025 | 6 | 2 | 0 | 3 |
| Q2 2025 | 7 | 1 | 0 | 3 |
| Q1 2025 | 6 | 0 | 0 | 1 |
| Q4 2024 | 4 | 0 | 0 | 3 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 215 positions · 67 moves
- HoldsCorbyn Investment Management Investment StrategiesSeptember 2026
“We continue to believe demand will remain robust, supported by unprecedented capital commitments from hyperscalers such as Alphabet, Microsoft, Amazon, and Meta to expand computing capacity in support of advancements in artificial intelligence.”
Amazon - AddedFindlay Park American FundSeptember 2026
“We also exited Etsy following strong share-price performance, given continuing competitive concerns and better opportunities elsewhere, and trimmed selected semiconductor, railway, industrial and energy holdings. We added Amazon back to the Fund in July, having sold our previous holding in 2023 when its earnings and cash-flow outlook had become harder to forecast.”
Amazon - HoldsTM Ruffer Portfolio FundSeptember 2026
Listed in TM Ruffer Portfolio Fund’s reported holdings.
Amazon - HoldsWS Ruffer Charity TrustSeptember 2026
Listed in WS Ruffer Charity Trust’s reported holdings.
Amazon - September 2026
“our additions of Amazon in the second quarter”
Amazon - New positionFat Prophets Global Contrarian FundSeptember 2026
“In response to market shifts, strategic adjustments were made to the investment portfolio. Two new positions were established in Amazon.com and Meta Platforms.”
Amazon - September 2026
Listed in Royal London AM Global Equity Enhanced Fund’s reported holdings.
Amazon - September 2026
“HCA Healthcare and Medpace also contributed within health care, as did Mastercard in financials. Amazon added to relative results in Consumer Discretionary, a sector in which, as the detractors below show, individual fundamentals mattered more than broad sector labels.”
Amazon - September 2026
“C ons ume r D is c re tiona ry 6.2 Amazon.com, Inc. United States 2.7 Broadline Retail”
Amazon - September 2026
“Amazon.com, Inc.”
Amazon - September 2026
Listed in Jensen Quality Growth Equity Composite’s reported holdings.
Amazon - HoldsOakmark Bond FundSeptember 2026
“We own bonds issued by five companies in this cohort: Meta, Alphabet, Amazon, Oracle, and SpaceX.”
Amazon - September 2026
“Amazon.com (AMZN) – 10.3% of our portfolio”
Amazon - September 2026
“The top 5 positions in the portfolio are Precious Metals royalty companies, Nu Holdings, Unity Software, Rocket Companies, and Amazon.”
Amazon - September 2026
“• Amazon, a leading e-commerce and cloud computing company, was added to the portfolio given accelerating revenue growth and strong margins in Amazon Web Services, alongside consistent growth and improving profitability in its commerce business.”
Amazon - September 2026
Listed in Antipodes Global Fund (Institutional Clients)’s reported holdings.
Amazon - September 2026
“A more useful question for us is whether the gap between capability and control is widening or narrowing as these systems improve. As investors in Anthropic and OpenAI through our private company portfolios and in Alphabet, Meta, Amazon and other holdings in this portfolio, we welcome greater independent scrutiny and take seriously the responsibility of the companies developing the technology.”
Amazon - September 2026
“Twenty billion dollars is a powerful incentive. That is the amount by which Amazon recently increased its expected capital expenditure for 2026 – from $200bn to $220bn, with rising memory chip costs explicitly identified as driving that increase. More broadly, the four hyperscalers in the Global Alpha portfolio – Amazon, Microsoft, Meta and Alphabet – are collectively expected to spend more than $700bn this year, much of it on AI infrastructure.”
Amazon - HoldsWS Ruffer Diversified Return FundSeptember 2026
“WS Ruffer Diversified Return Fund 30 Sep 26 5 LARGEST EQUITY HOLDINGS Stock % of fund Microsoft 0.9 Amazon 0.9 Solventum 0.8 Prudential 0.8 BP 0.7 ASSET ALLOCATION CURRENCY ALLOCATION Inflation % Long-dated non-UK inflation-linked bonds 16.8 Short-dated non-UK inflation-linked bonds 5.2 Gold and precious metals exposure 3.2 Protection Long-dated nominal bonds 21.5 Short-dated nominal bonds 13.9 Cash 1.7 Credit and derivative strategies 0.8 Growth Consumer discretionary equities 7.4 Energy equities 5.5 Financials equities 4.5 Industrials equities 4.1 Other equities 12.3 Commodity exposure 3.0 Currency allocation % Sterling 65.0 US dollar 15.9 Yen 11.0 Euro 4.7 Other 3.2 Geographical equity allocation North America equities 13.2 UK equities 8.8 Europe equities 5.9 Japan equities 4.0 Asia ex-Japan equities 1.8 FUND SIZE £1,446.4M FUND INFORMATION Annual management charge % 0.9 Minimum investment (or equivalent in other currency) £50m Ongoing Charges Figure % 0.93 Dealing frequency Daily Valuation point 12:00 Pay dates 15 May, 15 Nov Record dates 15 Mar, 15 Sep Investment manager Ruffer LLP Depositary The Bank of New York Mellon (International) Limited Authorised Corporate Director Waystone Management (UK) Limited Auditors Ernst & Young LLP Structure Sub-fund of WS Ruffer Managed Funds (OEIC) UK domiciled UCITS Eligible for ISAs Share class ISIN SEDOL I GBP acc GB00BMWLQW82 BMWLQW8 I GBP inc GB00BMWLQV75 BMWLQV7 The credit and derivatives strategies allocation is calculated using market value. In some cases, this allocation might be negative due to the nature of how the instruments, in particular credit default swaps, are priced. Largest equity holdings exclude Ruffer funds | Source: Ruffer LLP | Totals may not equal 100 due to rounding”
Amazon - HoldsRuffer Investment Company LimitedSeptember 2026
Listed in Ruffer Investment Company Limited’s reported holdings.
Amazon - HoldsRuffer Total Return InternationalSeptember 2026
Listed in Ruffer Total Return International’s reported holdings.
Amazon - HoldsDistillate CapitalSeptember 2026
“The shift is quite obviously the result of the unprecedented investment spending of the hyperscalers.”
Amazon - September 2026
“We were busy again this quarter. We bought TJX Companies and sold Copart. We increased our positions in Amazon and Hermès.”
Amazon - September 2026
Listed in Platinium AM Platinum Asia Fund’s reported holdings.
Amazon - September 2026
“Since then, other neoclouds share prices (and their credit spreads) have suffered, most notably Coreweave which fell around 30% over the subsequent two weeks. In case you hadn’t noticed, we remain very sceptical about investing in direct AI businesses (yet we appreciate businesses adopting AI to improve efficiencies). Our most direct AI investments are Alphabet, Amazon and Alibaba.”
Amazon - September 2026
“Amazon.com, Inc. 4.7”
Amazon - September 2026
“In Consumer Discretionary, our large weight in Amazon.com Inc (AMZN) was supportive of outperformance.”
Amazon - September 2026
“Consumer discretionary stocks performed poorly, with Amazon.com a notable exception.”
Amazon - September 2026
“Information technology (+13.0% vs. +7.3%), consumer discretionary (-2.5% vs. -5.1%) and financials (+1.6% vs. -.1%) contributed positively to the relative performance of the Large Cap Core Strategy. Information technology outperformance was driven by overweight positions in Microsoft, Salesforce and Apple and an underweight in memory stocks as software stocks outperformed semiconductor stocks in the quarter. The strategy also benefited from adding semiconductor equipment positions in the quarter. Consumer discretionary outperformance was primarily driven by an overweight in Amazon and an underweight in Tesla.”
Amazon - September 2026
Listed in Harding Loevner Global Developed Markets Equity’s reported holdings.
Amazon - HoldsAugustine Asset Management Quarterly FundSeptember 2026
“The surge in spending for artificial intelligence capacity and how companies account for it is flattering both earnings growth and balance sheets. Rising valuations of private stakes in AI firms held by large technology companies are flowing through reported earnings. Markups added $98 billion to Alphabet's second-quarter earnings and represented the vast majority of headline earnings growth. They added $53 billion to Amazon's earnings, representing most of its headline earnings growth.”
Amazon - HoldsWCM Global Growth LimitedSeptember 2026
Listed in WCM Global Growth Limited’s reported holdings.
Amazon - September 2026
“The Strategy benefitted from an absolute sense with our additions of Amazon in the second quarter and our early third quarter initiation of a position in Microsoft Corporation, but given our weights vs the benchmark, they still ended up being a drag to relative performance.”
Amazon - September 2026
Listed in Artisan Partners Global Opportunities Strategy’s reported holdings.
Amazon - September 2026
“In technology, we bought Amazon, the global e-commerce platform, which came to market twice over the quarter, issuing in multiple currencies and maturities.”
Amazon - September 2026
“In technology, we bought Amazon, the global e-commerce platform, which came to market twice over the quarter, issuing in multiple currencies and maturities.”
Amazon - September 2026
“In technology, we bought Amazon, the global e-commerce platform, which came to market twice over the quarter, issuing in multiple currencies and maturities.”
Amazon - September 2026
“Top 10 holdings Weighting (%) NVIDIA Corporation 8.62 Apple Inc. 7.47 Alphabet Inc. Class A 6.95 Microsoft Corporation 5.89 Amazon.com, Inc. 4.05 JPMorgan Chase & Co.”
Amazon - September 2026
“Amazon.com, Inc. 4.00”
Amazon - September 2026
“We also looked for short-dated high quality corporate bonds to support yield generation, and to also provide a source of diversification. Over the quarter, we added senior bonds from Macquarie Bank, subordinated bonds from Rabobank, and short-dated bonds from Amazon.”
Amazon - September 2026
Listed in Royal London AM US Equity Trust’s reported holdings.
Amazon - September 2026
“In technology, we bought Amazon, the global e-commerce platform, which came to market twice over the quarter, issuing in multiple currencies and maturities.”
Amazon - September 2026
“In technology, we bought sterling-denominated and US dollar new issues by US companies Amazon, the global e-commerce platform, which came to market twice over the quarter, issuing in multiple currencies and maturities.”
Amazon - September 2026
Listed in Royal London AM Global Equity Diversified Fund’s reported holdings.
Amazon - September 2026
“During the quarter, we followed through on our plan to add information technology exposure after FTSE Russell's June reconstitution brought several mega-cap technology companies into the Russell 1000 Value Index. We built a position in Apple and added to Microsoft, narrowing the fund's underweight in the sector, while reducing exposure to semiconductor and semiconductor equipment stocks. We also added to Amazon and exited Alphabet, which left the benchmark at the reconstitution.”
Amazon - September 2026
“Trading activity When the market offers world class franchises back at material discounts to where you sold them weeks earlier, while their earnings power strengthens, sitting still is the greater risk. Three months ago the Fund's activity told the quarter's story better than its contributor tables, and it did so again. In June we had rebuilt Apple from c.1% of the Fund to c.8.7%. This quarter, as Apple rose and the semiconductor complex fell, we reversed the trade, selling almost all of Apple after a strong run, and almost all of Amazon, and putting the proceeds into the companies that had fallen furthest: memory, optics and semiconductors.”
Amazon - New positionBrandes Core Plus Fixed Income FundSeptember 2026
Listed in Brandes Core Plus Fixed Income Fund’s reported holdings.
Amazon - September 2026
“With the gap closed, the prospective return narrowed, and we sold the position.”
Amazon - September 2026
“Trading activity When the market offers world class franchises back at material discounts to where you sold them weeks earlier, while their earnings power strengthens, sitting still is the greater risk. Three months ago the Fund's activity told the quarter's story better than its contributor tables, and it did so again. In June we had rebuilt Apple from c.1% of the Fund to c.8.7%. This quarter, as Apple rose and the semiconductor complex fell, we reversed the trade, selling almost all of Apple after a strong run, and almost all of Amazon, and putting the proceeds into the companies that had fallen furthest: memory, optics and semiconductors.”
Amazon - September 2026
“TOP 10 FUND HOLDINGS EXOR N.V. D'Ieteren Group Power Corporation of Canada Liberty Media Corporation L E Lundbergforetagen AB Class B Amazon.com, Inc Brookfield Corporation Constellation Software Inc. Ackermans & van Haaren NV HAL Trust”
Amazon - HoldsBuffalo Growth FundSeptember 2026
“TOP 10 HOLDINGS (%)* NVIDIA Corporation 12.12 Alphabet, Inc. 11.29 Apple, Inc. 8.33 Amazon.com, Inc. 6.13 Microsoft Corporation 6.09 Broadcom, Inc.”
Amazon - September 2026
Listed in Buffalo funds Blue Chip Growth Fund’s reported holdings.
Amazon - September 2026
“In technology, we bought Amazon, the global e-commerce platform, which came to market twice over the quarter, issuing in multiple currencies and maturities.”
Amazon - September 2026
“Over the period we bought sterling-denominated and US dollar new issues by US companies Amazon, the global e-commerce platform, which came to market twice over the quarter, issuing in multiple currencies and maturities, at attractive levels given the continuing strength of the issuer’s balance sheet.”
Amazon - September 2026
“In technology, we bought Amazon, the global e-commerce platform, which came to market twice over the quarter, issuing in multiple currencies and maturities.”
Amazon - New positionShareholder Value Management Frankfurter FundsSeptember 2026
“At the September rebalancing, three names left the index and three were added. Computacenter exited from strength: The stock, driven by the expansion of AI infrastructure, reached our fair value. Recordati is stuck at the offer price after the takeover offer by the major shareholder, and at bioMérieux the moat is narrowing. New to the index are Bureau Veritas, whose testing business arises from laws and not from the economic cycle, Air Liquide with de facto site monopolies, and Amazon, which has become relatively more attractive again after the price rise of other names.”
Amazon - HoldsNakano World Growth FundSeptember 2026
Listed in Nakano World Growth Fund’s reported holdings.
Amazon - September 2026
“Amazon (AMZN) Amazon’s share price increased 5% during the third quarter and 8% year-to-date.”
Amazon - August 2026
“Amazon lifted its 2026 capex outlook to roughly $210bn, Alphabet raised guidance to $195bn–$205bn, and Meta is moving toward the upper end of its $130bn–$145bn range.”
Amazon - HoldsRuffer Investment Company LimitedAugust 2026
Listed in Ruffer Investment Company Limited’s reported holdings.
Amazon - August 2026
“Top 10 Holdings Company Sector Geography Weight NVIDIA Corporation Information Technology US ).9% Microsoft Corporation Information Technology US 5.$% Alphabet Inc. Communication Services US 5.$% Amazon.com, Inc. Consumer Discretionary US 3.4% Broadcom Inc. Information Technology US 2.9%”
Amazon - HoldsRuffer Total Return InternationalAugust 2026
Listed in Ruffer Total Return International’s reported holdings.
Amazon - HoldsRuffer Charity Assets TrustAugust 2026
Listed in Ruffer Charity Assets Trust’s reported holdings.
Amazon - HoldsTM Ruffer Portfolio FundAugust 2026
“TM Ruffer Portfolio Fund 31 Aug 26 5 LARGEST EQUITY HOLDINGS Stock % of fund BP 1.5 Microsoft 1.0 Amazon 0.7 Prosus 0.6 Prudential 0.6 ASSET ALLOCATION CURRENCY ALLOCATION Inflation % Long-dated non-UK inflation-linked bonds 14.6 Short-dated non-UK inflation-linked bonds 5.0 Gold and precious metals exposure 4.5 Protection Long-dated nominal bonds 17.8 Short-dated nominal bonds 9.7 Credit and derivative strategies 7.1 Cash 2.5 Growth Consumer discretionary equities 8.4 Industrials equities 6.0 Financials equities 4.6 Energy equities 4.6 Other equities 13.0 Commodity exposure 2.3 Currency allocation % Sterling 68.8 US dollar 12.4 Yen 10.0 Other 6.1 Euro 2.6 Geographical equity allocation UK equities 12.9 North America equities 10.3 Europe equities 6.6 Asia ex-Japan equities 3.2 Japan equities 3.1 Other equities 0.4 FUND SIZE £2,796.1M FUND INFORMATION Annual management charge % 1.17 Maximum annual management charge % 1.2 Minimum investment (or equivalent in other currency) £100,000 Ongoing Charges Figure % 1.24 Dealing frequency Weekly, every Wednesday where this is a business day plus the final business day of the month Valuation point 12.00 each dealing day Pay dates 31 May, 31 Aug, 30 Nov, 28 Feb Record dates 31 Mar, 30 Jun, 30 Sep, 31 Dec Investment manager Ruffer LLP Depositary Bank of New York Mellon (International) Limited Authorised Corporate Director Thesis Unit Trust Management Limited Auditors Ernst & Young LLP Structure Non-UCITS Retail Scheme Investment Funds (OEIC) Share class ISIN SEDOL C GBP acc GB00BP4DCZ86 BP4DCZ8 C GBP inc GB00BP4DJF75 BP4DJF7 The credit and derivatives strategies allocation is calculated using market value. In some cases, this allocation might be negative due to the nature of how the instruments, in particular credit default swaps, are priced. Largest equity holdings exclude Ruffer funds | Source: Ruffer LLP | Totals may not equal 100 due to rounding RUFFER LLP”
Amazon - HoldsWS Ruffer Diversified Return FundAugust 2026
“WS Ruffer Diversified Return Fund 31 Aug 26 5 LARGEST EQUITY HOLDINGS Stock % of fund BP 1.0 Microsoft 0.9 Amazon 0.9 Solventum 0.8 Prosus 0.8 ASSET ALLOCATION CURRENCY ALLOCATION Inflation % Long-dated non-UK inflation-linked bonds 14.0 Short-dated non-UK inflation-linked bonds 5.0 Gold and precious metals exposure 3.5 Protection Short-dated nominal bonds 20.2 Long-dated nominal bonds 17.4 Cash 2.2 Credit and derivative strategies 0.6 Growth Consumer discretionary equities 8.7 Energy equities 4.8 Industrials equities 4.4 Financials equities 4.4 Other equities 12.7 Commodity exposure 2.2 Currency allocation % Sterling 68.3 US dollar 12.6 Yen 10.1 Euro 5.0 Other 4.0 Geographical equity allocation North America equities 13.1 UK equities 8.5 Europe equities 6.8 Japan equities 3.7 Asia ex-Japan equities 2.9 FUND SIZE £1,479.1M FUND INFORMATION Annual management charge % 0.9 Minimum investment (or equivalent in other currency) £50m Ongoing Charges Figure % 0.93 Dealing frequency Daily Valuation point 12:00 Pay dates 15 May, 15 Nov Record dates 15 Mar, 15 Sep Investment manager Ruffer LLP Depositary The Bank of New York Mellon (International) Limited Authorised Corporate Director Waystone Management (UK) Limited Auditors Ernst & Young LLP Structure Sub-fund of WS Ruffer Managed Funds (OEIC) UK domiciled UCITS Eligible for ISAs Share class ISIN SEDOL I GBP acc GB00BMWLQW82 BMWLQW8 I GBP inc GB00BMWLQV75 BMWLQV7 The credit and derivatives strategies allocation is calculated using market value. In some cases, this allocation might be negative due to the nature of how the instruments, in particular credit default swaps, are priced. Largest equity holdings exclude Ruffer funds | Source: Ruffer LLP | Totals may not equal 100 due to rounding”
Amazon - August 2026
Listed in Harding Loevner Global Developed Markets Equity’s reported holdings.
Amazon - July 2026
“Hyperscaler capex The current capex cycle is clearly intertwined with a sharp increase in semiconductor demand, and we believe continued hyperscaler spending is a key indicator that the AI infrastructure build-out is still underway. This spending is effectively funding the next phase of the data centre build-out. As hyperscalers scale both training and, increasingly, inference workloads, their willingness to keep lifting capex expectations supports the view that this semiconductor cycle could prove longer lasting and more structurally driven than previous upcycles. In each earnings cycle, the major hyperscalers have generally revised capex guidance higher and the direction of travel is striking. Expected FY26 hyperscaler capex has risen from around $298bn in December 2024 to $758bn by the end of the second quarter this year, more than doubling as Amazon, Alphabet, Microsoft, Meta and Oracle continue to commit capital to AI compute capacity.”
Amazon - July 2026
Listed in Harding Loevner Global Equity ADR’s reported holdings.
Amazon - July 2026
Listed in Harding Loevner Global Equity model portfolio’s reported holdings.
Amazon - July 2026
Listed in Bell Global Equities Fund Wholesale Class’s reported holdings.
Amazon - July 2026
“In July, Amalthea gained 6.54% net whilst the MSCI ACWI (in $A) fell by 1.55%. Performance in the long book was led by Regeneron, with DSM Firmenich, Amazon, Visa and Philip Morris also providing meaningful contributions.”
Amazon - July 2026
“Global equities fell in sterling terms in July. Market performance was marked by a mid-month AI sell-off due to concerns over capex sustainability, followed by a sharp rebound as hyperscaler earnings validated ongoing AI investment. The sterling credit market fell in July, as gilt yields rose amid a volatile macro backdrop and UK fiscal uncertainty. The Trust delivered a negative absolute return in July. Negative contributors included ASML, a Dutch semiconductor equipment manufacturer, and Nextpower, a US company that manufactures solar infrastructure. Top contributors included Microsoft, after strong earnings showing continued growth in its cloud business. We added to AI-infrastructure companies with strong fundamentals amid weakness during the month. Sustainable Royal London Sustainable Growth Fund Global equities fell in sterling terms in July. Market performance was marked by a mid-month AI sell-off due to concerns over capex sustainability, followed by a sharp rebound as hyperscaler earnings validated ongoing AI investment. The sterling credit market fell in July, as gilt yields rose amid a volatile macro backdrop and UK fiscal uncertainty. The Fund delivered a negative absolute return in July. Negative contributors included ASML, a Dutch semiconductor equipment manufacturer, and TSMC, a leading manufacturer of semi-conductor chips. Top contributors included Amazon, driven by stronger-than-expected earnings for its cloud services.”
Amazon - July 2026
“As we worked through the earnings releases, one company that stood out was Amazon.”
Amazon - HoldsWS Ruffer Diversified Return FundJuly 2026
Listed in WS Ruffer Diversified Return Fund’s reported holdings.
Amazon - HoldsRuffer Diversified Return FundJuly 2026
Listed in Ruffer Diversified Return Fund’s reported holdings.
Amazon - HoldsRuffer Portfolio FundJuly 2026
Listed in Ruffer Portfolio Fund’s reported holdings.
Amazon - HoldsRuffer Charity Assets TrustJuly 2026
Listed in Ruffer Charity Assets Trust’s reported holdings.
Amazon - July 2026
“WHAT THIS MEANS FOR OUR PORTFOLIO Our Fund has been invested in TSMC and Meta since 2023, and Nvidia since 2025. I invested in semiconductor equipment supplier KLA Corp earlier this year and reinvested in Amazon, too.”
Amazon - June 2026
“During the quarter, we initiated new investments in ASML Holding (ASML) and we exited our position in Intuit (INTU). During the quarter-end rebalance of the Quality Premier strategy, we also exited Ametek (AME), added to our holdings in Broadcom (AVGO) and GE Vernova (GEV), and trimmed Alphabet (GOOG), Amazon (AMZN), Danaher (DHR), and Unilever (UL).”
Amazon - AddedNexus Investment Management ULCJune 2026
“We modestly extended our average duration during the quarter as we deployed cash into slightly longer-term bonds. These purchases included Amazon’s new maple bonds.”
Amazon - June 2026
Listed in Harding Loevner Global Equity’s reported holdings.
Amazon - June 2026
“we substantially trimmed exposure to Amazon.com and Microsoft.”
Amazon - June 2026
“We added to our holdings in Netflix (NFLX) and trimmed Alphabet (GOOG), Amazon (AMZN), Analog Devices (ADI), and TransDigm (TDG).”
Amazon - June 2026
Listed in Guinness Global Innovators Fund’s reported holdings.
Amazon - June 2026
“Top 10 holdings Weighting (%) NVIDIA Corporation 5.84 Alphabet Inc. Class A 5.31 Apple Inc. 5.06 Microsoft Corporation 3.34 Amazon.com, Inc. 2.94 Micron Technology, Inc. 2.25 JPMorgan Chase & Co. 1.87 Eli Lilly and Company 1.60”
Amazon - June 2026
Listed in Artisan Partners Value Equity Strategy’s reported holdings.
Amazon - June 2026
“During the quarter, we were unusually busy. We bought Hermès and sold Tractor Supply Company, Zoetis, and CDW. We increased positions in Chubb, Progressive, Meta, Amazon, Microsoft, and Visa. We trimmed United Rentals, Alphabet, and Taiwan Semiconductor Manufacturing.”
Amazon - June 2026
“The top 5 positions in the portfolio are Precious Metals royalty companies, Nu Holdings, Unity Software, NFI Group and Amazon.”
Amazon - June 2026
“Amazon (a holding in the Opportunity Fund).”
Amazon - June 2026
Listed in Alluvium AM Conventum’s reported holdings.
Amazon - June 2026
Listed in Montaka Global (Montaka Global Fund’s reported holdings.
Amazon - HoldsMD SASS Concentrated ValueJune 2026
“As of July 15, our five largest positions were Henry Schein (HSIC), Amazon (AMZN), AMETEK (AME), Primo Brands (PRMB), and Williams Companies (WMB), representing 32% of the total portfolio.”
Amazon - June 2026
Listed in Royal London AM Global Equity Enhanced Fund’s reported holdings.
Amazon - New positionEdgewood Large Cap Growth CompositeJune 2026
“During the quarter we initiated new positions in Linde, Tesla, Amazon, and Reddit, extending our Physical AI investment theme.”
Amazon - June 2026
“Amazon.com, Inc. 2.75”
Amazon - June 2026
Listed in Royal London AM Royal London US Equity Trust’s reported holdings.
Amazon - June 2026
“Notable votes Amazon.com Inc. Elect Jonathan J. Rubinstein - against: We voted against as the nominee serves as incumbent Chair of the E&S Committee. Our primary concern this year relates to Amazon's oversight of human rights risks associated with AWS, particularly in higher risk government and defence contexts. Amazon provides limited disclosure on how it monitors, enforces and escalates compliance with its AWS Acceptable Use Policy at a customer level, despite credible and ongoing concerns raised by external stakeholders, including the UN.”
Amazon - June 2026
“Top 10 Holdings (% of portfolio) Amazon.com Inc 6.8”
Amazon “The second group comprises technology and AI beneficiaries and includes Alphabet, Microsoft (MSFT), Amazon (AMZN), NVIDIA (NVDA), KLA Corp, and Broadcom (AVGO).”
Amazon- June 2026
“Shares of NVIDIA Corporation contributed to performance during the quarter.”
Amazon - June 2026
“In June, the Amalthea Fund generated a net return of 6.49%, bringing our total quarterly performance to 5.12% (compared to 3.17% and 14.48% for the globally diverse MSCI ACWI in ($A), respectively). Our June outperformance was primarily driven by alpha generated in our short book, specifically through successful positioning in the materials and energy sectors, though short exposure in healthcare proved to be a modest headwind. On the long side, we recognized strong contributions from DSM- Firmenich and Brambles, while our positions in Amazon and Alphabet detracted from the month's gains.”
Amazon - AddedScharf Investments Quality Value StrategyJune 2026
“earlier this year we added Amazon to the Scharf equity portfolio.”
Amazon - TrimmedBaron Technology ETFJune 2026
“We trimmed our position in Amazon.com, Inc. to add to Alphabet Inc. , where we see a more compelling near-term risk/reward.”
Amazon - June 2026
“The quarter still included several good outcomes as Alphabet , Monolithic Power Systems , NVIDIA , Broadcom , Amazon , and our largest addition during the first quarter, Lam Research , each added more than 100bps.”
Amazon - June 2026
“This quarter’s portfolio update covers our position in Amazon.com, Inc. common stock (NASDAQ: AMZN), a compounder investment. Hinde Group has had a position in AMZN since inception. We have added to and trimmed that position at various points along the way. At times it has been our largest position; at other times it has been among our smallest. It began 2026 as one of our smallest positions at just under 1.0% of the portfolio's value. We significantly increased our position in February at an average price of $203.37 after the shares sold-off sharply due to (misplaced) concerns about the magnitude of — and prospective returns on — Amazon's planned investments in AI infrastructure related to Amazon Web Services.”
Amazon - TrimmedBuffalo Funds Growth FundJune 2026
“In the first half of the year, the hyperscalers significantly underperformed the broader technology company landscape. We believe that the Capex outlay in the first half of the year, combined with very reasonable valuations, offers a great setup for Meta, Microsoft, Amazon and Google into the back-half of the year. Although we have trimmed shares back a bit, the fund remains significantly overweight those four positions.”
Amazon - June 2026
“FUND MANAGEMENT TOP 10 HOLDINGS (%)* NVIDIA Corporation 12.66 Apple, Inc. 9.05 Microsoft Corporation 7.94 Alphabet, Inc. 6.34 Amazon.com, Inc. 5.16 Broadcom, Inc. 4.03 Meta Platforms, Inc. 3.23 Eli Lilly and Company 2.44 Mastercard, Inc.”
Amazon - June 2026
Listed in Baron Opportunity Strategy’s reported holdings.
Amazon - June 2026
Listed in EdgePoint Global Portfolio’s reported holdings.
Amazon - HoldsOakmark FundJune 2026
Listed in Oakmark Fund’s reported holdings.
Amazon - June 2026
“Our largest additions included the following names: CME Group, TSMC, Amazon, NVIDIA, Alphabet, Visa, ASML, S&P Global, Stevanato Group, and Brookfield.”
Amazon - June 2026
“We did not purchase any new positions during the quarter. We sold one position during the quarter: UnitedHealth Group Inc. There were six material contributors to performance: UnitedHealth Group Inc., Amazon.com Inc., Ryan Specialty Holdings Inc., Everest Group Ltd., Alphabet Inc., and TransDigm Group Inc. There was one material detractor to performance: SAP SE.”
Amazon - HoldsBaron Partners FundJune 2026
Listed in Baron Partners Fund’s reported holdings.
Amazon - HoldsPershing SquareJune 2026
“When taken together with our existing holdings in dominant, fast-growing companies such as Microsoft, Amazon, Meta, Uber, Brookfield, and Restaurant Brands, we believe our current portfolio is highly attractive”
Amazon - June 2026
“Recent Activity During the second quarter, we initiated five new positions: the leading search and AI company, Alphabet, one of the leading memory providers, Samsung Electronics, a fast-inferencing AI chip provider, Cerebras, a supplier of critical parts used in aerospace engines and industrial gas turbines, DPC Holdings, and an engine provider for power generation, INNIO. We also took advantage of stock price volatility and significant inflows into the Fund to add to many existing positions including Shopify, Nu, NVIDIA, Amazon, GDS, ASML, TSMC, MercadoLibre, Tesla, ServiceTitan, and others.”
Amazon - June 2026
“We also took advantage of stock price volatility and significant inflows into the Strategy to add to many existing positions including Shopify, Nu, NVIDIA, Amazon, GDS, ASML, TSMC, MercadoLibre, Tesla, ServiceTitan, and others.”
Amazon - June 2026
“Highlighted Detractors Meta Platforms Inc (META) 3.85% due 8/15/2032 (Aa3/AA-) underperformed despite strong operating growth and cash generation. Management raised its capital-spending outlook and completed a large multi- tranche debt offering during the quarter to support expanding AI infrastructure, creating a technical headwind for outstanding Meta issues. Amazon.com Inc (AMZN) 3.60% due 4/13/2032 (A1/AA) lagged despite broad operating strength, including continued momentum at AWS and improved profitability across its retail businesses.”
Amazon - June 2026
“We redeployed the proceeds into long-term compounders penalized by market anxiety—including adding to our existing positions of Amazon and Thermo Fisher Scientific.”
Amazon - June 2026
“Highlighted Detractors Meta Platforms Inc (META) 3.85% due 8/15/2032 (Aa3/AA-) underperformed despite strong operating growth and cash generation. Management raised its capital-spending outlook and completed a large multi- tranche debt offering during the quarter to support expanding AI infrastructure, creating a technical headwind for outstanding Meta issues. Amazon.com Inc (AMZN) 3.60% due 4/13/2032 (A1/AA) lagged despite broad operating strength, including continued momentum at AWS and improved profitability across its retail businesses.”
Amazon - June 2026
“We have been underweight Consumer Discretionary for some time, and we were pleased to establish a position in Amazon (AMZN) during the second quarter.”
Amazon - June 2026
“We had many big gainers in the quarter with 16 of our investments generating over 50bps each, as CrowdStrike, Alphabet, Amazon, and ASML added over 100bps each, Taiwan Semiconductor (TSMC), Datadog, and NVIDIA added”
Amazon - June 2026
“Consumer Discretionary also contributed positively during the quarter, supported by Amazon.com Inc (AMZN). Amazon reported strong results across AWS, advertising, and its core retail business, with expanding operating margins and continued strength in AI-related cloud demand. We continue to believe Amazon remains well positioned given its scale advantages across e-commerce and cloud infrastructure, as well as its growing role supporting next-generation AI workloads.”
Amazon - New positionBrown Advisory U.S. Value FundJune 2026
“We have been underweight Consumer Discretionary for some time, and we were pleased to establish a position in Amazon (AMZN) during the second quarter.”
Amazon - TrimmedBaron Technology StrategyJune 2026
“Top net sales for the quarter Net Amount Sold ($M) NVIDIA Corporation 7.5 Solaris Energy Infrastructure, Inc. 3.0 Amazon.com, Inc. 2.8 Datadog, Inc. 2.2 Lumentum Holdings Inc. 2.0 We trimmed our position in NVIDIA Corporation, which had grown to represent an outsized share of the Strategy. The trim was a function of portfolio construction discipline rather than any change in our fundamental view — we remain strong believers in NVIDIA's long-term positioning as the dominant platform for AI compute. A portion of the proceeds was redeployed to add exposure to AMD and to memory semiconductor names, where we viewed as compelling risk/reward. We exited our position in Solaris Energy Infrastructure, Inc., which we discussed as a new position in our first quarter letter. The position accreted faster than we expected following our purchase, and after the stock's move, we concluded the remaining upside was more limited relative to other opportunities in the portfolio. We sold the position during the quarter and redeployed the proceeds elsewhere. We trimmed our position in Amazon.com, Inc. to add to Alphabet Inc., where we see a more compelling near-term risk/reward.”
Amazon - AddedScharf Investments Quality Value (Equity) StrategyJune 2026
“earlier this year we added Amazon to the Scharf equity portfolio.”
Amazon - June 2026
“Only Amazon would generate a positive return under these generous assumptions.”
Amazon - June 2026
“Portfolio Changes We initiated new positions in Equinix and Arista Networks and exited our positions in Aon and Intuit. Positions in Microsoft, Waste Management, Netflix, Ecolab, and Yum! Brands were added to on weakness while also adding to our positions in Alphabet, Apple, Nvidia, and ServiceNow given their strong long-term growth prospects. Positions in Arm Holdings, Amazon, Broadcom, and Grainger were trimmed on strength while we trimmed our position in CPKC given headline risk from USMCA negotiations.”
Amazon - HoldsMontaka Global FundJune 2026
Listed in Montaka Global Fund’s reported holdings.
Amazon - TrimmedNightview Capital NITE ETFJune 2026
“Finally, the trims. We cut our AMD position by roughly half after a powerful run left it a much larger dollar position than the share count suggested. We lightened Axon , Goldman , Morgan Stanley , and Brookfield Renewable , and we made small adjustments to Nvidia , Tesla , and Amazon , which remain among our largest holdings.”
Amazon - June 2026
Listed in Coronation Global Equity Strategy’s reported holdings.
Amazon - June 2026
“Amazon Position As detailed in my February ’26 letter, "Amazon - Its the Time to Buy," we have established a significant position in Amazon, making it the second-largest holding in our portfolio.”
Amazon - HoldsBaron Partners FundJune 2026
Listed in Baron Partners Fund’s reported holdings.
Amazon - HoldsMayTech Global Investments Global Growth StrategyJune 2026
“Amazon delivered accelerating growth in its AWS cloud business, reaching its fastest growth rate in nearly four years as demand for AI services continued to surge.”
Amazon - New positionLiontrust Global Technology FundJune 2026
Listed in Liontrust Global Technology Fund’s reported holdings.
Amazon - June 2026
“Positions in Amazon, Arm Holdings, Fast Retailing, and Nvidia were trimmed on strength.”
Amazon - June 2026
Listed in Liontrust Global Innovation Fund’s reported holdings.
Amazon - June 2026
“Portfolio Changes We added exposure to hardware and compute through purchases of Amazon, TSMC and STMicro, with the latter two also increasing regional exposure to Taiwan and Europe respectively.”
Amazon - New positionLiontrust GF Global Technology FundJune 2026
“It is why we own Amazon and Alphabet, the hyperscalers controlling both custom silicon and a frontier model, and none of Microsoft, a zero weight that added over three percentage points this quarter.”
Amazon - June 2026
Listed in Liontrust GF Global Innovation Fund’s reported holdings.
Amazon - June 2026
“Magnificent 7: Our targeted positioning in Alphabet, Amazon and Apple saw positive attribution.”
Amazon - HoldsBaron CapitalJune 2026
Listed in Baron Capital’s reported holdings.
Amazon - June 2026
“We see a similar widening gap between narrative and fundamentals in Amazon, which was trading in the second quarter at an all-time low P/E multiple of about 25 times.”
Amazon - June 2026
“We added materially to existing holdings on the same logic: Apple’s share count rose c.90% (now the Fund’s largest position at 5.4%), Danaher, Thermo Fisher, L’Oréal and Ferrari were all more than doubled, and Lilly, Amazon, Alphabet and Meta increased.”
Amazon - June 2026
“We added materially to existing holdings on the same logic: Apple’s share count rose c.90% (now the Fund’s largest position at 5.4%), Danaher, Thermo Fisher, L’Oréal and Ferrari were all more than doubled, and Lilly, Amazon, Alphabet and Meta increased.”
Amazon - June 2026
“We redeployed some of those proceeds more broadly across the AI ecosystem, adding to hyperscaler cloud platforms such as Amazon and Microsoft, where we believe the market underappreciates a growing backlog of AI infrastructure demand.”
Amazon - June 2026
“Within Information Technology, we trimmed semiconductor positions following strong returns but continue to hold meaningful exposure to the group to maintain participation in the secular growth in AI. We redeployed some of those proceeds more broadly across the AI ecosystem, adding to hyperscaler cloud platforms such as Amazon, Microsoft and Oracle, where we believe the market underappreciates a growing backlog of AI infrastructure demand.”
Amazon - June 2026
Listed in Munro Global Growth Equity SMA’s reported holdings.
Amazon - June 2026
Listed in Parnassus Investments Core Equity Fund’s reported holdings.
Amazon - June 2026
“Amazon.com, Inc. detracted from performance despite continuing to deliver strong operating results, driven by healthy growth in Amazon Web Services (AWS) and advertising, as well as improving retail profitability.”
Amazon - June 2026
“Portfolio activity beyond the entries and exits above was more muted and tilted toward trims. Beyond the exits of Accenture and Salesforce, we also trimmed our holdings of Alphabet, Amazon, Bio-Techne, SiriusXM and Thermo Fisher, partially offset by additions to Danaher and Global Payments.”
Amazon - June 2026
“Amazon.com reported strong results during the first quarter.”
Amazon - HoldsMatthew 25 FundJune 2026
“The following table shows our portfolio holdings for the first six months of this year.”
Amazon - June 2026
“At the end of the quarter the Russell reconstitution took place. The biggest shifts were decreased weight to Consumer Discretionary (largely driven by Amazon) and increased weight to Communication Services (largely driven by Alphabet).”
Amazon - HoldsRIT Capital PartnersJune 2026
“Quoted Equities - direct: Stocks: Space Exploration Technologies Corp United States AI & advanced technologies 189.5 4.4% Legrand SA France Commercial services & supplies 35.0 0.8% Booking Holdings, Inc. United States E-commerce 29.3 0.7% Galderma Group AG Switzerland Healthcare 27.5 0.6% Mastercard, Inc. United States Software & services 26.4 0.6% The Travelers Companies, Inc. United States Insurance 25.0 0.6% S&P Global, Inc. United States Financial exchanges & data 23.3 0.5% Reckitt Benckiser Group plc United Kingdom Consumer staples 22.2 0.5% Amazon.com, Inc. United States E-commerce 22.2 0.5%”
Amazon - June 2026
“The hyperscalers deserve our attention too, but our enthusiasm there has tilted more clearly towards Amazon and Alphabet, where development of their own chips is beginning to establish a cost advantage.”
Amazon - June 2026
“Over the past couple of decades, the market has persistently underestimated Amazon’s ability to invest at scale – converting marginal costs into capital costs, then leveraging those capital costs by selling internally-developed services to other businesses.”
Amazon - June 2026
“Top 10 holdings Weighting (%) Alphabet Inc. Class A 6.01 Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR 5.13 NVIDIA Corporation 5.07 Apple Inc. 3.98 Amazon.com, Inc. 3.84”
Amazon - HoldsHIX Capital Geo FlagshipJune 2026
Listed in HIX Capital Geo Flagship’s reported holdings.
Amazon - ExitedCDTMay 2026
“Firstly, following early insider signals, parts of our return this year are related to the conventional strategy by investing in AI related stocks that did not yet reflect their potential. For example, we started a position in Amazon (AMZN) in the low 200s, increased our position in the high $100s and exited around $270 per share.”
Amazon - May 2026
“Companies Held 16 Benchmark MSCI All Country World Index Net Total Returns (AUD) LAKEHOUSE GLOBAL GROWTH FUND MONTHLY LETTER 31 May 2026 Company Headquarters Strategic Advantage MercadoLibre Argentina Networks, Loyalty, IP Sansan Japan Loyalty, Networks ServiceNow USA Loyalty Adyen Netherlands Loyalty, IP Kinaxis Canada IP, Loyalty Microsoft USA Loyalty, Networks, IP Alphabet USA IP, Networks Workiva USA Loyalty, IP Workday USA Loyalty Amazon USA Networks, Loyalty, IP”
Amazon - April 2026
“This was largely funded through trimming some existing exposures such as mega cap technology stocks which have performed well, including Broadcom, Amazon and Alphabet.”
Amazon - March 2026
“Consumer Discret ionary 5.2 Amazon.com, Inc. United States 2.5 Broadline Retail”
Amazon - March 2026
“Although Amazon delivered a strong quarterly earnings report including 22% revenue growth in its key AWS segment, investors reacted negatively to the company’s significant increase in expected capital investments during 2026.”
Amazon - HoldsFlexible Equity FundMarch 2026
“TOP 10 HOLDINGS % OF PORTFOLIO Alphabet, Inc* 8.1 Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR 6.5 Microsoft Corporation 5.6 Meta Platforms Inc Class A 5.1 Amazon.com, Inc. 4.6”
Amazon - HoldsBuffalo Growth FundMarch 2026
“FUND MANAGEMENT TOP 10 HOLDINGS (%)* NVIDIA Corporation 12.20 Alphabet, Inc. 11.82 Microsoft Corporation 11.22 Amazon.com, Inc. 8.79 Apple, Inc.”
Amazon - March 2026
Listed in Buffalo Blue Chip Growth Fund’s reported holdings.
Amazon - March 2026
Listed in HL Global Carbon Transition Equity’s reported holdings.
Amazon - Added1578 Partners, LPMarch 2026
“Additionally, we exited the de minimis, residual position we held in Sleep Number Corporation common stock (NASDAQ: SNBR). Finally, we increased our positions in Amazon.com, Inc. common stock (NASDAQ: AMZN) and Netflix, Inc. common stock (NASDAQ: NFLX).”
Amazon - March 2026
Listed in Riverparks funds RiverPark funds RiverPark Large Growth Fund’s reported holdings.
Amazon - March 2026
“There were seven material detractors to performance: Ares Management Corporation, Ryan Specialty Holdings, Inc., Microsoft Corporation, Salesforce, Inc., UnitedHealth Group Incorporated, Amazon.com, Inc., and SAP SE.”
Amazon - March 2026
“Long positions AppLovin Corp., MongoDB, Inc. and Amazon.com Inc. were among the top detractors from performance.”
Amazon - HoldsWhite Falcon CapitalMarch 2026
“The top 5 positions in the portfolio are Precious Metals royalty companies, NFI, Nu Holdings, Unity Software and Amazon.”
Amazon - TrimmedArtemis US Select FundMarch 2026
“Activity We sold our position in Microsoft and reduced our positions in Amazon and Alphabet, reflecting our view that there are more attractive opportunities elsewhere.”
Amazon - New positionAlluvium Global FundMarch 2026
“After months of quiet contemplation, we purchased Amazon.5”
Amazon - March 2026
“Sales By significantly reducing our holdings in Microsoft, Amazon and Alphabet, we have continued to reduce the fund's exposure to the Magnificent Seven stocks.”
Amazon - TrimmedPolen Focus GrowthMarch 2026
“We also added to our holdings in CoStar Group , Shopify and Service Now , while trimming our exposure to Amazon .”
Amazon - HoldsClipper FundDecember 2025
“So too is Amazon in a different way—it is an enormous provider of compute, a beneficiary of the shift to agentic AI and one of the best managed and most durable companies in this sector.”
Amazon - December 2025
Listed in Royal London Global Equity Diversified Fund’s reported holdings.
Amazon - December 2025
“In the portfolios, our robotics exposure today is concentrated in Amazon and Keyence.”
Amazon - HoldsThe Ithaka GroupDecember 2025
Listed in The Ithaka Group’s reported holdings.
Amazon - December 2025
“In the portfolios, our robotics exposure today is concentrated in Amazon and Keyence.”
Amazon - TrimmedDavis Opportunity FundDecember 2025
“Representative holdings in this category include Meta Platforms, Alphabet and Amazon.com.”
Amazon - December 2025
“In the portfolios, our robotics exposure today is concentrated in Amazon and Keyence.”
Amazon - AddedMar Vista US QualityDecember 2025
“We added to our holdings in Amazon.com Inc. (AMZN), Linde plc (LIN), and Visa Inc. (V) and trimmed Amphenol Corp. (APH), Oracle Corp. (ORCL), SAP SE (SAP), and Salesforce Inc. (CRM).”
Amazon - December 2025
“Amazon’s fulfillment network shows how mobile and stationary systems can share data, refine motion, and work safely with people.”
Amazon - December 2025
“The near-term pull is in logistics and warehouse environments, where robots already handle narrow, repetitive tasks at scale. Amazon’s fulfillment network shows how mobile and stationary systems can share data, refine motion, and work safely with people. As hardware costs fall and software improves, we expect humanoid use cases to proliferate across more industrial applications first, before ultimately gaining adoption in consumer end- markets. Our research focuses on how this landscape is evolving and which companies can turn prototypes into durable fleets. We want to understand where robotics is already earning its keep and where it is still stuck in pilots. We do that through fieldwork, conferences, and on-the-ground research across geographies, including in China, where industrial robot deployment and government support already run at far greater scale than in the United States. We are also deeply studying autonomous driving as an early lens into the potential for robotic advancements. In the portfolios, our robotics exposure today is concentrated in Amazon and Keyence.”
Amazon - TrimmedPlatinium Asset ManagementDecember 2025
“We funded these investments by trimming Amazon, Uber and FICO and exiting Netflix.”
Amazon - HoldsOctahedron CapitalDecember 2025
“Any investment examples contained in this presentation have been included to demonstrate Octahedron’s investment strategy and investment process, and represent investments that Octahedron currently is following, including the four largest positions that are currently in the Funds’ portfolio (i.e., Snowflake, Amazon, Uber and Coupang).”
Amazon - December 2025
“The Spheres are three spherical conservatories that are part of the Amazon headquarters campus in Seattle, Washington. Designed to serve as an employee workspace, The Spheres house more than 40,000 plants consisting of 400 different species. Amazon has been a Select Growth portfolio business since 2015. © Sands Capital 2026”
Amazon - HoldsTsai CapitalDecember 2025
“• Amazon.com (AMZN—Year of First Purchase: 2017) Established in 1994 by Jeff Bezos within the humble confines of his garage, Amazon has evolved into a colossus that commands unparalleled dominance across its diverse markets.”
Amazon - HoldsPlatinium Asset ManagementDecember 2025
Listed in Platinium Asset Management’s reported holdings.
Amazon - September 2025
Listed in RiverPark Long Short Opportunity Fund’s reported holdings.
Amazon - September 2025
“To be clear, we are believers in the transformational potential of AI. Many of our portfolio holdings are at the forefront of AI innovation and are investing at scale in this new technology. For example, Alphabet and Meta have developed state-of- the-art AI models. In addition, Alphabet (GOOG), Amazon (AMZN), and Microsoft (MSFT) are market leaders in cloud computing and are benefitting from the migration of AI-related workloads to their cloud infrastructure.”
Amazon - New positionClearbridge Large Cap Value StrategySeptember 2025
“Portfolio Positioning Performance of the Strategy over the past 18 months has been below our expectations, and we have made concerted efforts this year to address the challenges. First has been our neutralization of the powerful “AI trade,” which has driven violent but narrow outperformance for a select number of momentum stocks since the beginning of 2024. We initiated positions in Taiwan Semiconductor and Amazon.com this quarter, while increasing our position in Alphabet, which both reduced our overall portfolio tracking error back to historical ranges and neutralized our unintentional underweight to “AI” stocks.”
Amazon - September 2025
“It includes massive internal reinvestment engines like Alphabet and Amazon, which provide direct exposure to AI by deploying significant capital into their proprietary infrastructure.”
Amazon - New positionMairs and Power Balanced FundSeptember 2025
“The Fund initiated a new position in Amazon, which is well positioned to continue capturing market share in retail distribution while also growing its market-leading cloud business.”
Amazon - September 2025
“Although the market showed some signs of broadening in the third quarter, performance continued to be dominated by a handful of mega-cap technology companies. The so-called Magnificent Seven—Apple (AAPL), Microsoft, Alphabet (GOOG), Amazon (AMZN), Meta (META), NVIDIA (NVDA), and Tesla (TSLA)—now represent more than 35% of the S&P 500’s total market capitalization and accounted for over half of the Index’s return.”
Amazon - HoldsRS Global StrategyJune 2025
“Amazon.com, Inc. 2.34”
Amazon - June 2025
“Instead of market darlings such as Nvidia, Apple or Tesla, our technology investments have been focused on durable, proven but less glamorous parts of the technology sector such as semiconductor manufacturing (Texas Instruments and Samsung), capital equipment (Applied Materials) and, of course, retail and cloud-hosting infrastructure (Amazon).”
Amazon - HoldsSpringview CMJune 2025
Listed in Springview CM’s reported holdings.
Amazon - June 2025
“The rebound in names like Microsoft Corporation (MSFT), Amazon (AMZN), and NVIDIA (NVDA) was propelled by both idiosyncratic and secular drivers, as robust earnings results, positive company-specific developments, and encouraging outlooks were bolstered by renewed enthusiasm for the secular megatrend in Artificial Intelligence (AI).”
Amazon - June 2025
“Sector % of Portfolio Holding % of Portfolio Technology 58.02% Apple Inc. 10.99% Health Care 8.76% Microsoft Corporation 10.85% Producer Durables 3.31% NVIDIA Corporation 10.56% Consumer Discretionary 19.67% Meta Platforms Inc. Class A 5.99% Financial Services 8.63% Amazon.com, Inc. 5.32%”
Amazon - HoldsTitan Wealth Global Blue ChipJune 2025
Listed in Titan Wealth Global Blue Chip’s reported holdings.
Amazon - New positionHarris Oakmark US Large Value StrategyJune 2025
“We initiated the following position(s) during the pe- riod: • Amazon is the world's largest online retailer and provider of cloud services.”
Amazon - March 2025
“The primary absolute detractors were Nvidia, Amazon.com, Microsoft, Tesla and Apple.”
Amazon - March 2025
“The primary absolute detractors were Broadcom, Nvidia, Amazon.com, Apple and Tesla.”
Amazon - HoldsTouchstone Sands Capital Select Growth FundMarch 2025
“Among the top individual absolute detractors were AppLovin Corp., NVIDIA Corp., ServiceNow Inc., Datadog Inc. (all Information Technology sector), and Amazon.com Inc. (Consumer Discretionary sector).”
Amazon - March 2025
Listed in Clearbridge Large Cap Growth ESG Strategy’s reported holdings.
Amazon - HoldsVulcan VPMarch 2025
“There were five material detractors: Salesforce Inc., Amazon. com Inc., Microsoft Corp., Alphabet Inc., and Skyworks Solutions Inc.”
Amazon - March 2025
Listed in Macquarie Large Cap Growth Fund’s reported holdings.
Amazon - March 2025
“Top 10 Holdings Company Sector Geography Weight Microsoft Corporation Information Technology US 5.8% NVIDIA Corporation Information Technology US 5.3% Alphabet Inc. Communication Services US 5.0% Amazon.com, Inc. Consumer Discretionary US 4.6%”
Amazon - HoldsMontaka AmazonDecember 2024
“Understanding this hidden flywheel is crucial to appreciating the continued long-term growth potential of Amazon. The age of robotics-driven fulfillment is already here and Amazon is firmly at the forefront, poised to reap the rewards for decades to come. Note: Montaka is invested in Amazon.”
Amazon - HoldsAMG Renaissance Large Cap Growth FundDecember 2024
Listed in AMG Renaissance Large Cap Growth Fund’s reported holdings.
Amazon - December 2024
“Amazon's profitability was the key highlight of the third quarter financial results, with AWS and International Retail achieving record operating margins, and North America Retail posting its second-best margin in five years. Even more impressive was the fourth quarter operating income forecast, projecting up to $20 billion, significantly exceeding the expected $16 billion and suggesting a record 11% margin. This exceptional performance was driven by economies of scale, logistics efficiencies, successful AI implementations, increasing ad revenue, and accelerated AWS growth. We keep our investment in Amazon due to several factors: AWS growth has further potential, Amazon Prime Video monetization is in its initial stages, and the company is expanding into promising sectors like Pharmacy and Logistics.”
Amazon - HoldsIthaka groupDecember 2024
“Amazon.com (AMZN) Founded in 1994, Amazon has evolved from its early roots as an online bookstore to become one of the world’s largest e-commerce retailers. At the end of 2023 Amazon stood poised to capture ~40% of all US e-commerce sales, representing five times more share than the next closest competitor. In addition to e-commerce, Amazon Web Services (“AWS”) has become the market leader in outsourced cloud infrastructure. Further, Amazon Advertising is garnering significant share in digital advertising, particularly product placement ads, thanks to consumers beginning their product searches on Amazon’s site. Amazon’s stock appreciated on the back of a strong 3Q earnings report that beat on the top line, saw significant earnings growth relative to expectations ($1.43 actual vs $1.15 expected), and exhibited continued operating margin improvement.”
Amazon
Also mentioned · 124
These funds discuss Amazon as a competitor, benchmark or comparable, without disclosing a position in it.
- MentionedBeck Mack & OliverOctober 2026
“The large “hyperscalers”—companies that provide computing capacity, such as Google, Amazon, Microsoft, Meta, Oracle, and SpaceX—have collectively issued nearly $250 billion of corporate bonds thus far this year,”
Amazon - MentionedHennessy Japan FundOctober 2026
“6. Threat of private brands: Big retailers have been morphing into brand owners themselves through the development of private labels. In Japan, notable brands include Seven Premium of the convenience store operator Seven Eleven and TOPVALU of the supermarket chain AEON Group. For many years, consumer staples such as bread and soy sauce have been sold under these brands in large quantities. Turning to overseas, Amazon is also aggressively making a push into this arena. Notably, one of their offerings is baby diapers. Additionally, the following trends have emerged in recent years.”
Amazon - MentionedMalborough US Focus FundOctober 2026
“This is a remarkable result. However, the index’s reported earnings were boosted by mark-to-market investment gains, particularly those recorded by Alphabet and Amazon on their holdings in SpaceX and Anthropic.”
Amazon - MentionedEquinova Investment Managers PMS PortfoliosOctober 2026
“Skepticism has started rising around viability of AI trade amid mounting debt concerns and reducing free cash flows for established tech giants like Amazon, Microsoft, Meta and Alphabet.”
Amazon - MentionedTroy Multi-Asset StrategyOctober 2026
Named in a table in Troy Multi-Asset Strategy’s letter.
Amazon - October 2026
“Accessible via natural-language prompts on Claude Science without coding, AQCat is available through Claude and SandboxAQ, as well as AWS Marketplace (Amazon’s cloud computing platform).”
Amazon - MentionedSageOne Investment Managers SLMPOctober 2026
“The US provides several examples — Alphabet, Microsoft, Meta and Amazon have grown into some of the world's largest companies while continuing to deliver strong growth of 15% despite their enormous revenue bases of USD 200-300 bn.”
Amazon - MentionedSpheria Australian Microcap FundOctober 2026
“Results from some of the biggest technology companies highlighted the sheer capital being invested into AI - with Google, Amazon and Meta spending US$51bn, US$77bn and US$35bn respectively on capex in the September quarter, pushing free cash flow negative at all three despite strong revenue growth.”
Amazon - MentionedDrys Capital Equitas Equity Funds (Selection, High Convictions and Vision)October 2026
“In the international scenario, the S&P 500 declined 0.93% and the Nasdaq-100 fell 6.65%, in a movement concentrated in technology. The 3Q26 earnings season continued to demonstrate strong growth in the construction of AI infrastructure, which naturally pressures cash generation: Alphabet had its second consecutive quarter with negative free cash flow of US$ 9.07 billion, while Amazon presented free cash flow of -US$ 42.4 billion over twelve months, the exception to the movement was Microsoft.”
Amazon - MentionedLowell Resources FundOctober 2026
“Cory Kos, vice-president of investor relations at uranium producer Cameco, said companies such as Amazon and Microsoft were looking to buy physical uranium for the next-generation nuclear reactors that would power data centres.”
Amazon - September 2026
“Microsoft, Apple, and Amazon accounted for nearly all of the Index’s total return.”
Amazon - MentionedGreenlight CapitalSeptember 2026
“the 191 technology companies in the S&P 1500, plus Amazon, Meta, Google and Tesla, collectively generated $4 trillion in actual revenue last year.”
Amazon - September 2026
“The term “consensus” within the capital markets industry refers to the average of earnings estimates made by professionals. Magnificent 7 data refers to the following set of stocks: Microsoft (MSFT), Amazon (AMZN), Meta (META), Apple (AAPL), Google parent Alphabet (GOOGL), Nvidia (NVDA), and Tesla (TSLA).”
Amazon - MentionedVltava FundSeptember 2026
“One of the most striking aspects of today’s U.S. stock market concerns companies’ exceptionally high earnings and record-high profit margins. The net profit margin of companies in the S&P 500 index is at historic highs. According to FactSet, it reached approximately 15% in the second quarter after adjusting for certain extraordinary investment gains. The previous high was around 14% (in 2021), followed by 13% (in 2018) and, before that, 10.5% (in 2008). Historically, profit margins have generally been in the single digits. Also interesting is that U.S. corporate profits are growing very rapidly today at a time when the economy itself is showing a rather moderate pace of growth and when we are somewhere in the middle of the economic cycle. Accelerating profitability growth in the middle of an economic cycle is highly unusual. In our view, this trend has in part a relatively straightforward explanation. The composition of the stock market has changed through the decades. Today’s index includes far more technology, software, and other asset-light companies, and these naturally achieve higher margins than do traditional industrial firms. At the same time, however, there is another factor in play that, in our view, receives surprisingly little attention, and this is an unprecedented investment boom related to artificial intelligence. Microsoft, Alphabet, Amazon, and Meta (the so-called “hyperscalers”) collectively plan this year to make capital investments exceeding $700 billion.”
Amazon - MentionedCDT Capital VNAV FundSeptember 2026
“For some context around the magnitude of the AI investment super-cycle and the extraordinary demand for capital, earlier this month, Goldman Sachs reported that by 2028 the capital budgets for the five-cloud computing hyperscalers, Oracle (ORCL), Microsoft (MSFT), Google (GOOG), Meta (META) and Amazon (AMZN) will more than 3x from 2025 levels”
Amazon - MentionedSKBA Capital ManagementSeptember 2026
“In uncertain times, investors tend to flock to safety. Such is the mantra, usually. We live in unusual times, however, and paradoxically, today’s stock markets are driven by those few companies presumed to usher in the demise of the human race. There is Open AI and Anthropic of course (both of which are still private), but there is also Nvidia, Amazon, Alphabet with Gemini, Meta with Muse, SpaceX with Grok and Microsoft with Copilot (which is underpinned by Open AI), all of which have inseparable dependencies with one another.”
Amazon - September 2026
“serving as an integrated lab partner for Amazon Bio Discovery”
Amazon - MentionedVision Capital FundSeptember 2026
Named in a table in Vision Capital Fund’s letter.
Amazon - September 2026
“This is where all the money was made from the dotcom boom (Netflix, Spotify, Amazon, Meta etc) and I expect the same here.”
Amazon - MentionedKNA Capital Core Equity StrategySeptember 2026
“It’s called “agentic” because the user allows the AI to act on their behalf rather than just answer questions. For example, an agent can negotiate with your cable company, cancel subscriptions you aren’t using, or keep shopping for concert tickets you specify and complete the purchase once you sign off. If agentic commerce catches on, the implications for industries like consumer retail could be profound. Amazon has already blocked Muse from its site, and I suspect it won't be the last retailer to push back.”
Amazon - MentionedEagle Equity StrategySeptember 2026
“MercadoLibre resembles Amazon’s marketplace but owns and sells less of the inventory itself.”
Amazon - September 2026
“such that Microsoft, Apple, and Amazon accounted for nearly all of the Index’s total return.”
Amazon - MentionedHotchkis & Wiley Value OpportunitiesSeptember 2026
“Consumer discretionary stocks performed poorly, with Amazon.com a notable exception.”
Amazon - MentionedRowan Street FundSeptember 2026
“third-party industry data suggested The Trade Desk was losing share to Amazon.”
Amazon - MentionedSaratoga Research & Investment Management Large Cap Quality StrategiesSeptember 2026
“Scale is only part of the story. Amazon is re- portedly exploring moving roughly $8 billion of advanced Nvidia chips into a special-purpose vehicle financed in part by outside investors, then leasing back the chips.”
Amazon - MentionedRewey AM Smid Value StrategySeptember 2026
“We believe a significant portion of this growth is from the boom in data center construction. S&P Global estimates that just the five largest hyperscalers (Microsoft, Alphabet, Amazon, Meta, and Oracle) will spend over $750 billion on data center construction in 2026, roughly equivalent to 2.3% of GDP.”
Amazon - September 2026
“ Generac Holdings Inc (GNRC), a leading provider of backup power solutions, was a bottom contributor during the quarter as the share price declined alongside other AI infrastructure-related companies. Shares recovered later in the period following an expansion of the company’s relationship with Amazon, and Generac Holdings remains a strong contributor to year-to-date results.”
Amazon - MentionedDeep Sail Capital Partners LPSeptember 2026
“Customers include Boeing, Lockheed Martin, Pilatus, Textron, FedEx, American Airlines, Amazon-related operators, a Japanese eVTOL company, the U.S. government and numerous foreign military and commercial customers.”
Amazon - September 2026
“Consumer discretionary stocks performed poorly, with Amazon.com a notable exception.”
Amazon - MentionedBoyar Value GroupSeptember 2026
“Earnings: Strong at the Top, Softer in the Middle Corporate profits were again a bright spot. According to FactSet, S&P 500 earnings for the second quarter rose an eye-popping 52% from a year earlier, and 86% of companies beat analysts’ estimates. But a closer look tempers that figure. It includes significant unrealized gains on equity investments: $98 billion at Alphabet (including its stake in SpaceX) and $53.4 billion at Amazon (mostly on its stake in the privately held AI company Anthropic).”
Amazon - MentionedAristotle Value Equity StrategySeptember 2026
“At the same time, Apple and Microsoft entered the Index, while Amazon’s weight increased significantly.”
Amazon - September 2026
“This disparity was particularly consequential in a quarter where increasingly concentrated mega cap stocks dominated, such that Microsoft, Apple, and Amazon accounted for nearly all of the Index’s total return.”
Amazon - MentionedARAR FundSeptember 2026
“the prospects of some of the world's largest companies, NVidia, Oracle, Amazon, SK Hynix, Samsung, Micron and TSMC seem to depend on how long this capex boom will last.”
Amazon - MentionedDynamo CougarSeptember 2026
“When we think of companies, the benefits of self-criti- cism as a collective attribute are also widely recognized. First, combating complacency. Successful companies tend to pursue this disposition for continuous self-assessment in a particular way. It is Amazon’s “Day 1” mentality, the attitude of never losing sight of the values and drive of the beginning, avoiding the dangers of stagnation and irrelevance of “Day 2.””
Amazon - MentionedAristotle Global Equity AdvisorySeptember 2026
“Headquartered in Hsinchu, Taiwan, E Ink is the global leader in electronic paper (“ePaper”) display technology. Unlike traditional LCD or OLED screens, ePaper uses electrically charged color pigments to create a paper-like display that reflects ambient light and only requires power when an image changes. These characteristics allow ePaper displays to remain visible for extended periods while consuming very little energy, making the technology particularly well-suited for applications such as eReaders, electronic shelf labels (“ESLs”), eNotes and digital signage. E Ink holds an estimated 80%-90% share of the global ePaper display market and is currently the only manufacturer capable of mass-producing high-quality ePaper technology at scale. Historically, E Ink was best known for supplying the displays used in eReaders such as Amazon’s Kindle and Rakuten’s Kobo.”
Amazon - September 2026
“Source: Bloomberg, Alphabet and Amazon 10k filings, CNBC”
Amazon - MentionedLiontrust GF Global Dividend FundSeptember 2026
“our preferred cloud exposure among the hyperscalers remains those with full stack economics, Amazon, Alphabet and Meta, rather than Microsoft,”
Amazon - MentionedRowan Street Capital FundSeptember 2026
“The Trade Desk (TTD): A Six-Year Post-Mortem If Meta illustrates why we are willing to endure volatility when our conviction in the underlying business remains intact, The Trade Desk illustrates what happens when that conviction breaks. We first purchased The Trade Desk (TTD) in March 2020, investing approximately 3% of the portfolio. We never added additional capital. As the business and stock performed, the position eventually grew to roughly 13% of the portfolio and appreciated approximately 6x at its peak. For several years, the thesis worked. The Trade Desk grew rapidly, gained share in digital advertising, and appeared to possess the three characteristics we look for in a long-term compounder: an exceptional business, exceptional founder-led management, and the ability to reinvest capital at attractive rates. Over time, however, two of those gears began to weaken. In our Q3 2025 letter , we wrote that CEO Jeff Green’s increasingly vague explanations and lack of accountability had raised concerns. Revenue growth decelerated for six consecutive quarters, from 25.4% to 18.7%, 17.7%, 14.3%, 11.8%, and ultimately 3.0%, followed by guidance implying an approximately 12% year-over-year decline. Management attributed much of the slowdown to macro pressure, yet competitors selling to many of the same advertisers continued growing rapidly, while third-party industry data suggested The Trade Desk was losing share to Amazon.”
Amazon - MentionedGuinness Global Quality Mid Cap FundAugust 2026
“Amazon lifted its 2026 capex outlook to roughly $210bn, Alphabet raised guidance to $195–$205bn, and Meta is moving toward the upper end of its $130–$145bn range.”
Amazon - MentionedSaga PartnersAugust 2026
“Amazon provides a useful contrast.”
Amazon - MentionedCDT CapitalAugust 2026
“while back in July Nikkei research suggested that $1.65T of debt is now sitting on and off the books of Meta, Oracle, Amazon, Microsoft and Alphabet (Google).”
Amazon - MentionedCDT Capital Investment StrategyAugust 2026
“Another option is to sell out to a bigger benefactor like Microsoft or Amazon.”
Amazon - MentionedGuinness Global Equity Income FundAugust 2026
“Over July, these fears have only grown as hyperscaler capex expectations continued to move higher. Expected FY26 capex by Amazon, Alphabet, Microsoft, Meta and Oracle combined has risen from around $536bn in December to $784bn by July, an increase of almost 50% in just 8 Guinness Global Equity Income August 2026 seven months. Over the same time frame, expectations for free cash flow (FCF) have fallen dramatically, with all but Microsoft expected to have negative absolute FCF over 2026. The latest earnings season strengthened those expectations as three of the four main hyperscalers raised capex guidance. Amazon lifted its 2026 capex outlook to roughly $210bn, Alphabet raised guidance to $195–$205bn, and Meta is moving toward the upper end of its $130–$145bn range.”
Amazon - July 2026
“Two global themes stood out. First, the big four hyperscalers (Amazon, Microsoft, Alphabet and Meta) issued guidance that their combined 2026 capital expenditure would be $650-725bn, up 60-77% year-on-year.”
Amazon - July 2026
“Sous cette volatilité entraînée par l’effet de levier, les fondamentaux des entreprises demeurent cependant stables. Sur les deux tiers des entreprises du S&P 500 ayant publié leurs résultats à la fin du mois, 87 % ont surpassé les attentes de 14 % en moyenne, et les profits ont augmenté de 22 % d’une année sur l’autre. Microsoft et Amazon ont toutes deux progressé de +16 % grâce à leurs activités infonuagiques.”
Amazon - July 2026
“Troy Global Equity Strategy Half Year Letter to Investors July 2026 2 taml.co.uk Hello from the dark side of the moon SpaceX’s listing on public stock markets is a symbolic and revealing moment. Alongside Anthropic and OpenAI, it is the first of the ‘Big 3’ inital public offerings (IPOs) expected to come to an equity bull market for which new share issues have hitherto been conspicuous by their absence. The contrast with the dot com era is hard to ignore. Rather than thousands of tiddly companies with nascent financial results, this generation of IPOs are ginormous companies with large and growing revenues. The inflation-adjusted value of these three companies is expected to be substantially greater than the total value of all the ~2,600 IPOs that took place between 1995 and 2000. In its first week of trading, SpaceX’s market value reached similar levels to Amazon and Microsoft, despite its operating losses and far smaller revenue base.”
Amazon - MentionedGuinness Global Equity Income FundJuly 2026
“Hyperscaler capex The current capex cycle is clearly intertwined with a sharp increase in semiconductor demand, and we believe continued hyperscaler spending is a key indicator that the AI infrastructure build-out is still underway. This spending is effectively funding the next phase of the data centre build-out. As hyperscalers scale both training and, increasingly, inference workloads, their willingness to keep lifting capex expectations supports the view that this semiconductor cycle could prove longer lasting and more structurally driven than previous upcycles. In each earnings cycle, the major hyperscalers have generally revised capex guidance higher and the direction of travel is striking. Expected FY26 hyperscaler capex has risen from around $298bn in December 2024 to $758bn by the end of the second quarter this year, more than doubling as Amazon, Alphabet, Microsoft, Meta and Oracle continue to commit capital to AI compute capacity.”
Amazon - July 2026
“It has worked with data centre developer EcoDataCenter since 2017, contracting on eight of its facilities, and serves a large undisclosed customer we believe to be Amazon.”
Amazon - MentionedGeneration IM Global Equity StrategyJuly 2026
“Climate leadership in the age of AI Much of our climate dialogue now focuses on execution, particularly among the hyperscalers – Alphabet, Amazon and Microsoft – whose targets are under pressure from AI-driven growth in power and water demand.”
Amazon - MentionedCDT Capital VNAV StrategyJuly 2026
“Add to the story that obscure sources of funding (mostly off-balance sheet complex debt securities) are financing the construction of data centers around the country and we have the ingredients in place for the potential for a severe credit event. To underscore this point, earlier in the month the Nikkei reported that they estimate that Meta, Oracle, Amazon, Microsoft and Alphabet (Google) collectively have $1.65T of debt that they have not yet reported on their financials.”
Amazon - MentionedBrandes IP Global Equity StrategyJuly 2026
“For example, had you been an early investor in Amazon, you would have made outsized returns.”
Amazon - July 2026
“Amazon, Meta, Nvidia, Google, Oracle, and SpaceX have issued approximately $182 billion in investment-grade bonds in 2026, roughly 15% of all US corporate debt issuance3.”
Amazon - July 2026
“However, the rebound that followed was substantial, with Samsung and SK Hynix each gaining over 20%. Underneath the leverage-driven volatility, though, corporate fundamentals remained steady. With two-thirds of S&P 500 companies having reported by month end, 87% had beaten expectations by an average of 14%, and earnings grew 22% year-over-year. Microsoft and Amazon both rose +16% on cloud strength.”
Amazon - MentionedBeck Mack & Oliver PortfolioJuly 2026
“The “land grab” phase has led to enormous increases in capital expenditures—and corresponding pressure on free cash flow—at the public cloud providers, such as Microsoft’s Azure, Amazon Web Services, and Google Cloud.”
Amazon - MentionedO'Keefe Stevens NVIDIA StrategyJuly 2026
“This ecosystem is already taking shape. Agility Robotics, Amazon Robotics, Boston Dynamics, Figure, Uber, Mercedes-Benz, and many other robotics, automotive, and industrial leaders are building on NVIDIA platforms.”
Amazon - June 2026
“Combined AI capex: Microsoft, Alphabet, Meta, Amazon, Oracle.”
Amazon - MentionedBrasada CM Brasada Private AccountsJune 2026
“cash flow flush hyperscalers like Amazon, Microsoft, Alphabet, and Meta.”
Amazon - MentionedDistillate CapitalJune 2026
“Letter Summary Artificial Intelligence enthusiasm and uncertainty whipsawed markets and pushed valuations to extraordinary levels during the last quarter. Hyperscalers (Alphabet, Amazon, Meta, Microsoft, & Oracle) lagged amid concerns about returns on their enormous investments, while semiconductor and tech equipment companies benefiting from this spending surged.”
Amazon - June 2026
“One unnamed Ironviner visits Instagram specifically for curated clothing, gear, and gift ideas—he checks in for the ads, not in spite of them, because he is often introduced 1 Amazon, Microsoft, Google, Meta, & Oracle 2 As of June 30, 2026”
Amazon - MentionedHarding Loevner International EquityJune 2026
“Both TSMC’s steadily growing profitability and memory makers’ rapidly surging profitability depend on demand from a handful of key customers: the companies building and operating AI data centers. Hyperscalers such as Alphabet and Amazon are widely expected to invest sums of $400 billion or more annually for the foreseeable future.”
Amazon - MentionedNinepoint Partners Mid‑Year OutlookJune 2026
“Credit Markets: New Issue Activity Off the Charts Turning to credit markets, 2026 has so far played out as we expected. Spreads are at multi-decade lows, while new issue activity, led by AI hyperscalers’ massive funding needs, has driven a gradual repricing wider across the U.S. investment grade corporate bond market. With the Canadian market still relatively cheap, we have seen a wave of “maple issuers” (non-domestic issuers). In May, Canada saw two hyperscalers deal with Google printing the largest corporate bond offering in Canadian history, at $8.5bn, closely followed by Amazon with another record at $14bn.”
Amazon - MentionedNinepoint Partners Mid‑Year OutlookJune 2026
“The AI Boom: From Buildout to Monetization The AI spending cycle continued to accelerate in the first half of 2026. Hyperscaler cloud capital expenditure has been growing at roughly 90% year-over-year, and the aggregate run rate is now approaching figures that dwarf every comparable infrastructure buildout in American economic history.1,2 What distinguishes this period from earlier phases of AI enthusiasm is evidence that the spending is generating revenue. The cloud RPO — remaining performance obligation, essentially the contracted future revenue backlog — for AWS, Microsoft Azure, Google Cloud, and Oracle crossed $2 trillion in the first quarter of 2026, up approximately 175% year-over-year.”
Amazon - MentionedGuinness Global Equity Income FundJune 2026
“Expected FY26 hyperscaler capex has risen from around $298bn in December 2024 to $737bn by May of this year, more than doubling as Amazon, Alphabet, Microsoft, Meta and Oracle continue to commit capital to AI compute capacity.”
Amazon - MentionedFirst Eagle Investments 2Q26 Market Overview: The Cost of CredibilityJune 2026
“The magnitude of capital expenditures by hyperscalers—companies like Amazon, Apple, Meta, Microsoft and Oracle that operate massive data centers supporting cloud computing—has been another source of support for investor sentiment.”
Amazon - June 2026
“The big spenders are Alphabet, Amazon, Meta, Microsoft, Oracle, CoreWeave, Nebius, and SpaceX.”
Amazon - June 2026
“The big spenders are Alphabet, Amazon, Meta, Microsoft, Oracle, CoreWeave, Nebius, and SpaceX.”
Amazon - June 2026
“Hyperscalers such as Alphabet and Amazon are widely expected to invest sums of $400 billion or more annually for the foreseeable future.”
Amazon - June 2026
“Both TSMC’s steadily growing profitability and memory makers’ rapidly surging profitability depends on demand from a handful of key customers: the companies building and operating AI data centers. Hyperscalers such as Alphabet and Amazon are widely expected to invest sums of $400 billion or more annually for the foreseeable future.”
Amazon - MentionedHorizon KineticsJune 2026
“Five companies have announced plans to spend a combined $720 billion on such expansion— Amazon ($198 billion); Microsoft ($146 billion), Alphabet ($186 billion); Meta ($132 billion); and Oracle ($56 billion). These 2026 forecasts have been revised upward by more than 25% in just five months.”
Amazon - MentionedWarden Capital War CapJune 2026
“Google is going to spend $185 billion this year . How hard would it be for Google to spin up a memory division? Or Amazon.”
Amazon - MentionedCDT CapitalJune 2026
“The Meta Investment Reckoning: Meta is at it again. After squandering approximately -$80B on the metaverse, the firm is parlaying that failure by once again squandering money on AI. This time the stakes are reaching new highs. In 2026, AI related capital expenditures are expected to reach approximately $125– 145 billion, yet there is no verifiable evidence that any of this spend is yielding results. In fact, there is mounting and damning evidence to the contrary. Meta’s Llama frontier AI models are not at the frontier of the AI race (AI Leaderboard) and external adoption has been extremely disappointing for shareholders fronting the multi hundred-billion-dollar bill. Even Meta’s own employees do not use the models that they create! In a somewhat confusing and embarrassing sign, Meta, which is supposedly creating the best AI models in the world, was recently told by Google that it would be restricting its prolific use of its AI model, Gemini (Article). This must be the most damning evidence for a corporate failure possibly in American history, even Meta does not use its own models. That said if you need more to chew on look at the never- ending reports of internal turmoil coming out of the company (Article). It is clear that there is a fuzzy vision for an AI strategy at Meta, but the lack of leadership and execution has left it permanently behind in the race. That is likely why the firm is starting to pivot from its position as AI developer to hyperscaler. In yet another indirect omission of failure, rumors this week that Meta is exploring building a cloud business to rival the likes of Microsoft, Oracle and Amazon (Article).”
Amazon - MentionedHotchkis & Wiley Value OpportunitiesJune 2026
“The big spenders are Alphabet, Amazon, Meta, Microsoft, Oracle, CoreWeave, Nebius, and SpaceX.”
Amazon - MentionedVlatava fund Vltava Fund SICAV, plcJune 2026
“From a business perspective, it is a comprehensive, data-driven platform combining elements of Visa, PayPal, Amazon, Shopify, a bank, a BNPL (buy now, pay later) provider, and digital public infrastructure.”
Amazon - June 2026
“Not surprisingly, we’re seeing huge fundraising efforts by tech giants to take advantage of the optimism of investors. Massive IPOs either completed or on tap from AI darlings like Space Exploration Technologies, Open AI and Anthropic, plus chunky secondary stock and/or debt offerings from Alphabet, Amazon, Nvidia, Oracle and others may eventually drain what has been a very deep pool of investor liquidity.”
Amazon - MentionedPacker & Co Investigator TrustJune 2026
“AI Capital Expenditure Boom (Google, Microsoft, Amazon, Meta & Oracle) Investors are on board, paying handsome prices for America’s tech giants.”
Amazon - MentionedCDT Capital (CDT)June 2026
“It is clear that there is a fuzzy vision for an AI strategy at Meta, but the lack of leadership and execution has left it permanently behind in the race. That is likely why the firm is starting to pivot from its position as AI developer to hyperscaler. In yet another indirect omission of failure, rumors this week that Meta is exploring building a cloud business to rival the likes of Microsoft, Oracle and Amazon (Article).”
Amazon - MentionedHorizon Kinetics Market CommentaryJune 2026
“A Math Model of Compounding – From a Water Glass to a Snowball, to Amazon and Bitcoin”
Amazon - MentionedSaltLight Capital Co‑Investor LetterJune 2026
“Take NVIDIA’s CUDA software moat first. We have argued in earlier letters that CUDA has held a fifteen-year advantage, with millions of developers trained and organised around it, and we are obliged to report that we hold this view rather less firmly than we once did. The painful work of porting away has begun in earnest. Google's TPUs and Amazon's Trainium chips now run inference for Anthropic at scale, and AMD has been signed for gigawatts more from next year.”
Amazon - June 2026
“That relationship became even more notable after Amazon announced an agreement to acquire Globalstar and partner with Apple to support satellite-enabled services such as Emergency SOS and direct-to-device connectivity.”
Amazon - MentionedAntipodes Global SMID Active ETFJune 2026
Named in a table in Antipodes Global SMID Active ETF’s letter.
Amazon - MentionedCambiar Investors Small Cap FundJune 2026
“The combined weight of the Technology sector and related AI stocks such as Amazon and Alphabet now comprise nearly 50% of the S&P 500 – a supposed diversified equity index.”
Amazon - June 2026
“Lastly, several of the world’s largest companies are whipsawing between the growth and value benchmarks, with Apple Inc (AAPL), Microsoft Corp (MSFT), Alphabet Inc Class C (GOOG) and Amazon.com Inc (AMZN) all seeing more than 400 bps change to weight in the Russell 1000® Growth Index during the late June reconstitution and technically those weights could shift meaningfully once again in six months.”
Amazon - MentionedHayden CapitalJune 2026
“Alphabet is guiding to as much as $205 billion of capex this year (LINK). Amazon, $220 billion. Meta, $130 – 145 billion. Microsoft, roughly $190 billion.”
Amazon - MentionedAegis Value FundJune 2026
“Earnings gains were driven almost entirely by the hyperscalers - Amazon, Alphabet, Microsoft and Meta - and by the companies supplying the semiconductor and AI-infrastructure build-out, including Nvidia, Broad-”
Amazon - MentionedFirst Eagle Investments Small Cap Market OverviewJune 2026
“companies like Amazon, Apple, Meta, Microsoft and Oracle that operate massive data centers supporting cloud computing”
Amazon - MentionedHennessy Midstream FundJune 2026
“Regarding power generation project development, midstream companies are taking a solutions- oriented approach to addressing rising AI power consumption needs. Hyperscalers such as Amazon, Google, and Microsoft are speeding up power generation solutions by partnering with several midstream companies to build lateral pipelines, co- located natural gas turbines, and dedicated behind- the-meter generation facilities directly at data center sites.”
Amazon - MentionedO'Keefe Stevens AdvisoryJune 2026
“In June, Amazon signed a multiyear, multibillion-dollar agreement for Corning to supply the optical fiber, cable, and connectivity for its expanding U.S. data centers.”
Amazon - June 2026
“• Amazon, an e-commerce and cloud computing solutions company, saw its shares rise as Amazon Web Services (AWS), the company’s cloud computing business, accelerated revenue growth.”
Amazon - June 2026
“First, debt is increasingly funding the build-out. In the early innings, companies like Microsoft and Amazon could finance their investments entirely out of free cash flow.”
Amazon - MentionedBurke Wealth Management Focused Growth StrategyJune 2026
“In early June, Google announced plans to raise $80 billion in an equity offering. In mid-June, SpaceX raised $84 billion in equity capital through its IPO and shortly thereafter announced plans for a $25 billion debt issuance. In late June, Nvidia announced a $25 billion debt offering. This is $200 billion of capital raised in short-order by some of the largest and in the case of Google and Nvidia, most cash rich companies in the world. In the background, the $40 trillion Private Credit market is showing some signs of stress in recent months with rising redemption requests that have been met with gates being enforced on some prominent funds. What is going on here and what does it mean? The honest answer is that I’m not quite sure. Of these three announcements, I understand why SpaceX is raising as much capital as possible, I have no idea what Nvidia is doing given its balance sheet, lack of CAPEX spend and massive free cash flow outlook, but it was the Google announcement that was the most eyebrow raising. I realize that Google announced plans to spend $200B in CAPEX this year, but this is also a company that has about $50B of net cash on the balance sheet and is going to generate close to $200B in operating cash flow this year. Google is a better credit risk than the US government. Why are they raising expensive equity capital? The obvious answer is that AI-related CAPEX spending is going to continue to grow. Ok, but we already figured that. Why not just fund the expansion with cheap debt? What if there isn’t an endless supply of demand for high quality debt? Our trillion dollar plus government deficits are clearly an issue, but what does this mean for Corporate America’s ability to raise new debt capital and refinance existing debt? The one certainty I have is that AI related debt issuance from companies like Google, Meta, Amazon and Microsoft are going to be first in line for any investor fixed income demand.”
Amazon - MentionedDistillate Capital Multi-StrategyJune 2026
“Artificial Intelligence enthusiasm and uncertainty whipsawed markets and pushed valuations to extraordinary levels during the last quarter. Hyperscalers (Alphabet, Amazon, Meta, Microsoft, & Oracle) lagged amid concerns about returns on their enormous investments, while semiconductor and tech equipment companies benefiting from this spending surged.”
Amazon - MentionedGreenfield Seitz Capital ManagementJune 2026
“Magnificent 7 Underperforms We warned about the tech darlings swelling AI spending in our January letter, noting they were once asset light companies that are beginning to look more like industrials with heavy capex spending on semiconductors. The Magnificent 7 (Alphabet/Google, Amazon, Apple, Meta/Facebook, Microsoft, Nvidia, and Tesla) stocks are flat for 1H26, while the market is up 10%.”
Amazon - MentionedArgent Capital ManagementJune 2026
“In addition, the gargantuan “spend” that the hyper-scalers (such as Alphabet, Amazon, Meta and Microsoft) are willing to invest in data centers will likely negatively impact their earnings for years to come.”
Amazon - MentionedJAG Capital ManagementJune 2026
“Figure 3. Big Five hyperscaler US bond issuance: the 2020–2024 average versus 2025 actual versus the 2026 forecast. Sources: BofA Securities via Reuters and Mellon Investments (Dec 2025); BofA Global Research 2026 forecast (Mar 2026). Big Five = Amazon, Microsoft, Alphabet, Meta, Oracle. 2020–2024 average issuance was ~$28B per year.”
Amazon - MentionedPolen 5Perspectives Large GrowthJune 2026
“The biggest shifts were decreased weight to Consumer Discretionary (largely driven by Amazon) and increased weight to Tech (Semis now account for >1/3 of the index) and Communication Services (largely driven by Alphabet).”
Amazon - June 2026
“Including the leading hyperscale customers (Alphabet, Meta, Microsoft, Amazon) who are spending all excess cashow on infrastructure used to deliver AI services, the AI ecosystem accounts for about a third of the benchmark.”
Amazon - MentionedBrasada CM Private AccountsJune 2026
“cash flow flush hyperscalers like Amazon, Microsoft, Alphabet, and Meta.”
Amazon - MentionedSquadra Investimentos Long-Biased and Long-Only FundsJune 2026
“Here at Squadra, we have tremendous admiration for Amazon.”
Amazon - May 2026
“We guessed that executive option plans (buy backs) would take precedence over headcount and thus we expected lay-offs - tick:- see Meta, Atlassian, Oracle, Amazon amongst others.”
Amazon - MentionedHL Global EquityMay 2026
Named in a table in HL Global Equity’s letter.
Amazon - May 2026
“Scale Economy Shared models ▪ Amazon, TSMC, BYD, PDD, Next, JDW”
Amazon - MentionedEagle Equity StrategyMarch 2026
“In 2021, we had the meme stock and SPAC craze. In 2022, with the war in Europe, we had an inflationary shock, and internet giants like Amazon, Meta, and Netflix declined precipitously, while the commodity complex exploded higher amid temporary shortages.”
Amazon - MentionedSaga PortfolioMarch 2026
“Why Active Management Can Make Sense A low-cost index fund is a sensible default option. It gives investors ownership of a broad cross-section of productive businesses while helping them avoid many of the errors that plague active management. That matters because wealth creation in markets is highly uneven: a small number of companies account for a very large share of long-term returns, while most stocks underperform the market and many produce negative lifetime returns. Indexing ensures investors own the next Apple, Amazon, or Google before the market fully reflects the value those businesses will ultimately create,”
Amazon - MentionedKingdom Capital AdvisorsMarch 2026
“They are also ramping an exclusive distribution agreement with Amazon/MGM beginning in January 2026.”
Amazon - MentionedAntero Peak StrategyMarch 2026
“We have long held the belief that markets are very efficient at pricing known information and very inefficient during periods of change. We will continue to apply our process and, over time, view this dislocation as an opportunity. Not dissimilar to when Amazon expanded into transportation, retail, auto parts and industrial distribution, some areas proved meaningfully disrupted while others were largely noise.”
Amazon - MentionedGeneration Investment ManagementMarch 2026
“Companies have been able to report lower market- based Scope 2 emissions by purchasing carbon- free energy using instruments like Power Purchase Agreements, green tariffs and renewable energy certificates (RECs). Amazon, for example, matches 100% of the electricity it consumes with carbon-free energy.”
Amazon - MentionedBlackstoneJanuary 2026
“5 Source: Reflects data center CapEx by Microsoft, Amazon, Google, Meta per Morgan Stanley Equity Research, as of August 2025.”
Amazon - MentionedSchafer Cullen Value EquityDecember 2025
“The Magnificent 7 refers to seven dominant US technology companies (Apple, Microsoft, Amazon, Alphabet, Meta, Nvidia, Tesla) that have significantly driven stock market growth.”
Amazon - MentionedClearbridgeDecember 2025
“Magnificent 7 data refers to the following set of stocks: Microsoft (MSFT), Amazon (AMZN), Meta (META), Apple (AAPL), Google parent Alphabet (GOOGL), Nvidia (NVDA), and Tesla (TSLA).”
Amazon - December 2025
“Artificial Intelligence In November 2022, OpenAI launched ChatGPT to enormous fanfare reaching 100 million users in just two months and projected to reach one billion users by February 2026, achieving that milestone ten years faster than Google did with its search engine. For the first time, a conversation with a machine has become indistinguishable from one with a human, heralding the advent of artificial intelligence (AI). The Industrial Revolution brought on the mechanisation of production and an explosion of goods. AI promises to commoditise intelligence and, when combined with robotics, has the potential to disrupt almost all industries. For the largest software companies who have built their businesses around intangible assets, AI represents an existential threat. Larry Page, a co-founder of Alphabet (formerly Google), told colleagues he would be ‘happy to go bankrupt rather than lose this race’ for AI supremacy. Capital expenditures (capex) related to AI have surged with the largest US hyperscalers (Alphabet, Amazon, Meta, Microsoft and Oracle) expected to spend over $500bn in related capex in 2026, more than twice their capex spend pre the launch of ChatGPT.”
Amazon - MentionedPolar Capital Emerging Market Stars FundDecember 2025
“The weakness primarily related to fears of increased competition in Brazil from Amazon’s renewed aggressive approach.”
Amazon - MentionedBlackrockDecember 2025
“Source: BlackRock Fundamental Equities, with data from FactSet as of Nov. 24, 2025. Chart shows capex spending and spending intentions of the five largest U.S. hyperscalers (Amazon, Meta, Alphabet, Microsoft and Oracle).”
Amazon - December 2025
“Amazon.com is a good example of a company that has made substantial improvements in areas where it nevertheless continues to see proposals: in 2025, for example, we examined a shareholder proposal asking the company to report on efforts to reduce plastic packaging.”
Amazon - December 2025
“The fund outperformed the benchmark over the quarter. This was driven almost entirely by stock selection, especially within the communication services and information technology sectors. The fund’s largest active position, Alphabet, contributed strongly to performance as the market continued to appreciate its differentiated positioning in AI, while shares of Micron Technology and Samsung Electronics further benefitted from an AI-induced tight semiconductor memory market. These positions more than offset the impact from the fund’s large underweight exposure to key benchmark constituents like NVIDIA, Amazon and Apple.”
Amazon - MentionedPartners CapitalDecember 2025
Named in a table in Partners Capital’s letter.
Amazon - September 2025
“Growth stocks, particularly those most associated with the rise of artificial intelligence, have driven returns for U.S. equities for an extended period. This momentum has produced impressive returns for investors in recent years, but concentration risk remains elevated on the S&P 500 Index. Some of the companies driving this growth and concentration risk such as Amazon.com Inc. and Meta Platform Inc. are also now part of the Russell 1000 Value Index.”
Amazon - September 2025
“With over two million merchants and over $290 billion of GMV in 2024, Shopify is the second largest merchant platform in the US behind Amazon.”
Amazon - MentionedLVS Advisory Curtiss WrightJune 2025
“This is particularly relevant for AI datacenters, which use as much as 10x the electricity as conventional datacenters. Several deals have been struck to co-locate datacenters with nuclear plants to feed the strong demand for AI applications. For example, Amazon is co-locating a datacenter in Pennsylvania with Talen Energy and Microsoft is restarting a reactor at Three Mile Island to power a new co-located datacenter.”
Amazon - MentionedBonsai partnersJune 2025
“Businesses often fail by fixating on competitors instead of customers. Jeff Bezos recognized this early, famously noting that most companies are “competitor-obsessed” rather than “customer-obsessed.” From Amazon’s earliest days, he set out to do the opposite, declaring his aim to “build the world’s most customer-centric company.” This wasn’t altruism; it was a calculated strategy.”
Amazon - MentionedChoice Equities CMJune 2025
“For now, and until further news breaks, it is encouraging to see the company continuing to announce a steady stream of new customer wins, recently adding Amazon, Pinterest, Redfin and Paramount Australia to a customer list that has been growing impressively lately.”
Amazon - June 2025
“We eliminated United Parcel Service, Inc. (Cl B) (UPS, 3.0 conviction) during the quarter as the investment thesis failed. Amazon announced a strategic shift in strategy to reduce UPS volumes by -50%, prioritizing its internal delivery network.”
Amazon - MentionedMadison Dividend Income FundJune 2025
“The Technology sector was the best performing sector in the second quarter with a +22.8% return, including a +41% rise off the market bottom. The Magnificent 7 stocks (Nvidia, Microsoft, Apple, Alphabet, Google, Amazon and Tesla) were up +21% in the quarter and significantly outperformed the equal-weighted S&P 500 return of +5.3%.”
Amazon - MentionedGeneration IMMarch 2025
“This retreat was not limited to climate. In corporate America, there has been a visible pullback from equity, diversity and inclusion (EDI) efforts. Rollbacks have been reported by Amazon, Google and Meta, amongst others.”
Amazon - MentionedTamim Global Tech and InnovationMarch 2025
“Energy, another major Pillar of power, is a critical input into any system -- the base layer for both Technology and Money. In order to power the AI data center demand + reshoring in the US + electric vehicle proliferation, we need to both increase reliable base load power (i.e., nuclear and natural gas) and upgrade the grid. We are beginning to see signs of this cycle emerging in the US: Amazon buys nuclear powered data center to accelerate AI, Microsoft partnering to re-open the ‘infamous’ 3-mile island nuclear power plant to power its AI data center, Google to buy power from small modular reactor company, Palisades Michigan nuclear power plant potentially reopening supported by the Department of Energy.”
Amazon
Fund coverage · 36 theses
- Wedgewood Partners U.S. Large Cap Growth StrategySeptember 2026
Amazon is compounding capital through AWS, advertising, and retail with accelerating profitability and high returns on capital.
Read the full thesis - Pershing Square Holdings, Ltd.September 2026
Amazon is held for AWS growth of 39% with a near $600 billion backlog, retail share gains, shortening capital payback periods, and expected 20%-plus long-term earnings compounding at an undervalued price.
Read the full thesis - Findlay Park American FundSeptember 2026
Amazon was re-added at a low-twenties multiple with AWS growth and AI investments supporting the case.
Read the full thesis - Fat Prophets Global Contrarian FundSeptember 2026
Amazon.com, Inc. could see growth reaccelerate thanks to AWS backlog, AI demand, custom silicon, advertising strength, and underappreciated long-term infrastructure returns.
Read the full thesis - Pender US Small/Mid Cap Equity FundJuly 2026
Amazon benefits from accelerating AWS growth, strong AI demand and long-lived data center economics that support future earnings compounding.
Read the full thesis - Longriver Partners FundJuly 2026
Amazon is becoming a neutral AI platform with Bedrock and Trainium, while benefiting from large profit pools and underappreciated earnings durability.
Read the full thesis Amazon is leveraging massive infrastructure and scale to compound growth through AWS, custom silicon, and supply chain services.
Read the full thesis- Pershing SquareJune 2026
Amazon is seeing AWS acceleration and retail share gains that could support 20%+ long-term earnings compounding.
Read the full thesis - Cambiar Investors Opportunity FundJune 2026
Amazon is investing ahead of the next AI inflection point, with AWS growth and a longer-term moat supporting high conviction.
Read the full thesis - Platinium AM Platinum TrustJune 2026
Amazon.com is seen as an underappreciated long-term compounder with improving ecommerce execution and a structurally attractive AWS and AI investment opportunity.
Read the full thesis - Liontrust Global Technology FundJune 2026
Amazon is owned because AWS demand is contracted and the company controls custom silicon within a hyperscaler platform with large backlog.
Read the full thesis Amazon.com, Inc. is a dominant e-commerce and cloud platform, and the fund sees margin expansion, free cash flow inflection, market share gains, and an attractive valuation.
Read the full thesisAmazon is growing revenue and operating income strongly, reinvesting capital rationally at attractive returns, and trades at depressed multiples despite long-term upside.
Read the full thesis- Tapasya Investment Fund IJune 2026
Amazon benefits from AWS tailwinds, highly profitable cloud economics, a competitive enterprise connectivity angle, and expanding advertising and retail profitability.
Read the full thesis - Hinde Group 1578 PartnersJune 2026
Amazon.com, Inc. is described as a compounder with global e-commerce, Prime, and AWS, supported by accelerating AWS growth, strong margins, AI-driven demand, and long-term undervaluation.
Read the full thesis - Scharf Investments Quality Value (Equity) StrategyJune 2026
Amazon is viewed as an AI-adjacent winner with leading e-commerce and cloud franchises, recurring revenues, AI tailwinds, and a valuation that has become the cheapest since 2016.
Read the full thesis - Baron Technology ETFMarch 2026
Amazon.com, Inc. is scaling an AI business across AWS and custom chips with strong customer commitments while its retail platform deepens its moat and margins.
Read the full thesis - RGAIAMarch 2026
Amazon is viewed as uniquely positioned to benefit from AI workflows through AWS, model-agnostic orchestration, and low-cost infrastructure.
Read the full thesis - TapasyaFebruary 2026
Amazon is a diversified retail, cloud, and advertising leader with depressed valuation, accelerating AWS demand and backlog, high-margin ads, custom silicon advantages, and a proven invest-harvest cycle underpinning long-term value creation.
Read the full thesis - Jensen Quality Growth Equity CompositeDecember 2025
Amazon is a dominant platform across e-commerce, AWS, and retail advertising with a deep moat, strong FCF growth and improving margins at a more attractive valuation.
Read the full thesis - Tsai CapitalDecember 2025
Amazon.com is a dominant e-commerce and cloud leader using a scale-economies-shared model and AWS profitability to drive durable growth with EPS expected to more than double.
Read the full thesis - Nightview CapitalDecember 2025
Amazon.com, Inc. benefits from AWS strength and AI-driven efficiencies in core ecommerce, creating operating leverage and underappreciated long-term earnings power.
Read the full thesis - Pershing SquareDecember 2025
Amazon.com, Inc. combines dominant AWS and e-commerce franchises with long-term secular growth and significant retail margin expansion potential.
Read the full thesis - Baron Global Opportunity FundDecember 2025
Amazon.com, Inc. is positioned to benefit from AI via AWS’s full-stack and retail productivity, supporting faster growth, margin expansion, and attractive valuation.
Read the full thesis - Wedgewood PartnersDecember 2025
Amazon.com combines improving retail productivity and high-margin advertising with AWS leadership and proprietary hardware to drive double-digit growth at depressed valuation multiples.
Read the full thesis - Ironvine Capital PartnersDecember 2025
Amazon.com is a dominant e-commerce and cloud infrastructure provider with scale advantages, rising high-margin services, and long-term cash flow growth potential.
Read the full thesis - Clearbridge Value StrategySeptember 2025
Amazon.com is an attractively valued opportunity due to its potential as an AI beneficiary, strong balance sheet, and expected growth in free cash flow.
Read the full thesis - Rothschild & Co LongRun EquitySeptember 2025
Amazon is an undervalued quality company with untapped potential in generative AI and attractive growth prospects in retail driven by logistics investments and an expanding Prime membership.
Read the full thesis - Heartland Opportunistic Value Equity StrategySeptember 2025
Amazon.com is currently undervalued given its dominant e-commerce business and high-margin investments in areas like AWS and advertising, trading at a discount to the S&P 500 and Walmart despite strong cash flow potential.
Read the full thesis - Alphyn Capital ManagementJune 2025
Amazon.com Inc is a self-funded compounding machine with a growing structural edge, driven by AWS growth and an expanding advertising business, while generating significant free cash flow to support investments in AI and connectivity.
Read the full thesis Amazon is a dominant online retailer and cloud services provider with a strong competitive advantage, poised for long-term growth, and currently available at a discount due to recent stock price declines.
Read the full thesis- Pershing SquareJune 2025
Amazon is well-positioned for long-term growth with its dominant AWS cloud business and expansive e-commerce operations, supported by strong customer focus and significant margin expansion potential despite current valuation concerns.
Read the full thesis - Loomis Sayles Global Growth FundMarch 2025
Amazon is well-positioned for significant long-term growth in e-commerce and cloud services, presenting a compelling investment opportunity as it remains undervalued relative to its intrinsic worth.
Read the full thesis - Alphyn Capital ManagementDecember 2024
Amazon.com Inc is leveraging its robust balance sheet and commitment to customer satisfaction to drive sustainable cash flow growth through improved logistics, profitable international operations, and expanding high-margin revenue streams, particularly in advertising and AI.
Read the full thesis - Nightview capitalDecember 2024
Amazon is poised for growth and profitability through retail margin expansion, a rapidly growing advertising business, and the continued dominance of Amazon Web Services (AWS).
Read the full thesis - MontakaDecember 2024
Amazon’s relentless automation strategy in logistics and AWS is accelerating its cost advantage, enhancing customer loyalty, and reinforcing a self-sustaining growth flywheel—positioning the company for long-term dominance.
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