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My bullish thesis on Amazon (i) is primarily based on AWS, and it has become stronger for me with the latest numbers. AWS is now growing again at 37% and has reached an annualized run rate of $169 billion. Even more importantly, CEO Andy Jassy himself stated that AWS could "very likely" become a $1 trillion annual revenue business in the long term. This is the scale I am betting on for Amazon. If AWS reaches this magnitude while maintaining its high profitability, the earnings power of the entire company will fundamentally change. With a stable...
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