Amazon: What to Expect from the Upcoming Quarterly Results?

We have Amazon (i) in our US model portfolio and are up 25%. For us, the company is the top beneficiary of AI inference as well as Physical AI. The proprietary Graviton and Trainium chips provide a cost advantage in AI inference, which is why partnerships with Anthropic, Meta, and OpenAI have recently been strengthened. Exciting were the statements from OpenAI, whose enterprise business improved thanks to AWS. The high capex at Amazon ensures that the company is building a moat in AI infrastructure alongside Microsoft and Alphabet that cannot be...