Dimitry Nakhla | Babylon Capital®
$AMZN trades at ~$2.17T market cap.

AWS + ADS generated ~$197.36B in LTM revenue — both segments with 30%+ operating margins.

$AMZN now trades ~11x AWS + ADS sales. https://t.co/VEVgQpOujF

Amazon $AMZN Q4 2025 Report 🗓️

✅ REV: $213.39B (+14% YoY)
❌ EPS: $1.95 (+5% YoY)

☁️ AWS $35.79B (+24% YoY)
💵 ADS $21.31B (+23% YoY)

☁️ AWS growth accelerated for the third consecutive quarter, fastest growth rate in last 13 quarters

💰 FY Operating Income +17% YoY https://t.co/pnjoLFZEYR - Dimitry Nakhla | Babylon Capital®
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The Transcript
Big Tech capex:

$MSFT $GOOG $GOOGL $META $AAPL $AMZN https://t.co/fkuhyHUJcv

Capex guided up in FY 26:

$AMZN CEO: "We expect to invest about $200B in capex across Amazon in 2026."

$GOOGL CEO: "Our 2026 CapEx investments are anticipated to be in the range of $175 to $185B."

$META CEO: "We anticipate 2026 capex.. to be in the range of $115-135B" - The Transcript
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Fiscal.ai
"With such strong demand for our existing offerings and seminal opportunities like AI, chips, robotics, & low earth orbit satellites, we expect to invest about $200B in CapEx across Amazon in 2026, and anticipate strong long-term return on invested capital.”

$AMZN https://t.co/hmuOV6mdwJ
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The Transcript
Bloom Energy CEO: "Bring-your-own-power has shifted from a slogan to a business necessity for AI hyperscalers and manufacturing facilities. This shift is secular and growing."

$BE: +11% AH https://t.co/vkswJwrO7t
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The Transcript
Atlassian CEO: "We had a fantastic Q2. We’re building a bloody great business. I’m convinced AI is great for Atlassian. Others think software is dead. In this environment, it seems that noise swamps signal, nuance gets lost."

$TEAM: -9% AH https://t.co/grps5IlRZc
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The Transcript
Atlassian: "We plan to accelerate the pace of share repurchases in H2 relative to H1....To further underscore their conviction in our massive long-term growth opportunities, the founders will pause their selling plans that have been in place since the IPO" $TEAM https://t.co/P5DsPTbwRW

Atlassian CEO: "We had a fantastic Q2. We’re building a bloody great business. I’m convinced AI is great for Atlassian. Others think software is dead. In this environment, it seems that noise swamps signal, nuance gets lost."

$TEAM: -9% AH https://t.co/grps5IlRZc - The Transcript
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The Transcript
Doximity CEO: "We’re proud to deliver another quarter of strong profits and record engagement."

$DOCS: -33% AH https://t.co/hoWd0Upi8Z
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Dimitry Nakhla | Babylon Capital®
RT @DimitryNakhla: Dev Kantesaria on AI risk as it relates to $FICO $SPGI & $MCO

Dev frames these businesses not as pure “prediction engines,” but as fill collectors embedded inside the financial systems:

“As it relates to displacement of things like $FICO scores, $MCO ratings, and $SPGI ratings — they’re toll collectors in these industries… 𝙄 𝙙𝙤𝙣’𝙩 𝙨𝙚𝙚 𝙖𝙣𝙮 𝙙𝙞𝙨𝙥𝙡𝙖𝙘𝙚𝙢𝙚𝙣𝙩 simply because there’s an AI model that can calculate the credit decision five percentage points better. 𝙄𝙩’𝙨 𝙣𝙤𝙩 𝙟𝙪𝙨𝙩 𝙖𝙗𝙤𝙪𝙩 𝙩𝙝𝙚 𝙥𝙧𝙚𝙙𝙞𝙘𝙩𝙞𝙤𝙣𝙨 — 𝙩𝙝𝙚𝙧𝙚’𝙨 𝙖 𝙣𝙚𝙩𝙬𝙤𝙧𝙠 𝙚𝙛𝙛𝙚𝙘𝙩 𝙖𝙣𝙙 𝙖 𝙫𝙖𝙡𝙪𝙚 𝙩𝙤 𝙩𝙝𝙤𝙨𝙚 𝙧𝙖𝙩𝙞𝙣𝙜𝙨 𝙩𝙝𝙖𝙩 𝙜𝙤𝙚𝙨 𝙛𝙖𝙧 𝙗𝙚𝙮𝙤𝙣𝙙 𝙩𝙝𝙖𝙩.”
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These platforms benefit from:

• Deep network effects
• Regulatory & institutional embedment
• Industry standardization
• Decades of historical continuity

A bank doesn’t use $FICO simply because it’s the best mathematical model.

It uses $FICO because it’s the common language of credit — across underwriting, portfolio monitoring, M&A, and securitization.

Likewise, debt markets don’t rely on $SPGI or $MCO solely for accuracy.

They rely on them because their ratings are recognized, trusted, and priced into capital markets globally.

Dev makes an important point:

Even if someone offered a “better” rating for free, issuers would still face higher borrowing costs 𝘪𝘧 the market doesn’t recognize that rating as equivalent.
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Video: Grants Interest Rate Observer | Growth and Profitability (11/20/2024)
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The Transcript
$AMZN CEO with the usual reminder on AWS growth

"As a reminder, it's very different having 24% Y/Y growth on a $142B annual run rate than to have a higher percentage growth on a meaningfully smaller base, which is the case with our competitors." https://t.co/8mN6kgdvpz

$AMZN CEO: "AWS growing 24% (our fastest growth in 13 quarters)..." https://t.co/HgFigEwVx8 - The Transcript
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