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The Transcript
Amazon CEO @ajassy: "AWS growing 24% (our fastest growth in 13 quarters), Advertising growing 22%, Stores growing briskly across North America and International, our chips business growing triple digit percentages year-over-year..."
$AMZN: -7% AH https://t.co/Lwu4sQfTuq
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Amazon CEO @ajassy: "AWS growing 24% (our fastest growth in 13 quarters), Advertising growing 22%, Stores growing briskly across North America and International, our chips business growing triple digit percentages year-over-year..."
$AMZN: -7% AH https://t.co/Lwu4sQfTuq
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The Transcript
RT @TheTranscript_: Alphabet CFO in justifying the capex ramp-up:
"The investment we have been making in AI are already translating into strong performance across the business as you've seen in our financial results. Our successful execution, coupled with strong performance, reinforces our conviction to make the investments required to further capitalize on the AI opportunity."
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RT @TheTranscript_: Alphabet CFO in justifying the capex ramp-up:
"The investment we have been making in AI are already translating into strong performance across the business as you've seen in our financial results. Our successful execution, coupled with strong performance, reinforces our conviction to make the investments required to further capitalize on the AI opportunity."
Alphabet CEO guiding to $175–185B in FY26 capex vs $91.4B in FY25 [YoY increase of ~92–102%]
"To meet customer demand and capitalize on the growing opportunities we have ahead of us, our 2026 CapEx investments are anticipated to be in the range of $175 to $185B."
$GOOG $GOOGL https://t.co/iCPTR76C5H tweet
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The Transcript
RT @TheTranscript_: Alphabet CEO guiding to $175–185B in FY26 capex vs $91.4B in FY25 [YoY increase of ~92–102%]
"To meet customer demand and capitalize on the growing opportunities we have ahead of us, our 2026 CapEx investments are anticipated to be in the range of $175 to $185B."
$GOOG $GOOGL https://t.co/iCPTR76C5H
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RT @TheTranscript_: Alphabet CEO guiding to $175–185B in FY26 capex vs $91.4B in FY25 [YoY increase of ~92–102%]
"To meet customer demand and capitalize on the growing opportunities we have ahead of us, our 2026 CapEx investments are anticipated to be in the range of $175 to $185B."
$GOOG $GOOGL https://t.co/iCPTR76C5H
$META CFO issues FY26 capex guidance $115–135B vs. ~$70B in FY25 [YoY increase of ~+64% to +93%]:
"We anticipate 2026 capex.. to be in the range of $115-135B with Y/Y growth driven by increased investment to support our Meta Superintelligence Labs efforts and core business" https://t.co/2UH98w0tA5 tweet
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The Few Bets That Matter
The only tech stocks I still own are $ALAB and $BABA, and I expect both to outperform.
$ALAB generates real cash today.
As long as CapEx keeps rising - and $AMZN just confirmed it isn’t slowing after Meta and Google did the same, semis will keep printing.
Unlike hyperscalers, semis are positive FCF. They don’t depend on future ROI; they monetize real spending happening now.
With hyperscalers guiding CapEx ~50% above expectations, that cash flows directly to semis.
The market wants free cash flow.
They have it.
$BABA is the only hyperscaler holding up while markets fall. Likely because.
1. Ownership is largely non-US → US tech pressure doesn’t apply
2. China has a different economic and financial regime and situation
3. Valuation is incomparable to US hyperscalers, with cash-generating assets outside tech
Both names sit in very specific situations. As the market gets picky, performance will come from singular assets, not sectors.
This isn’t the end of AI.
It’s the start of the stock-picking era.
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The only tech stocks I still own are $ALAB and $BABA, and I expect both to outperform.
$ALAB generates real cash today.
As long as CapEx keeps rising - and $AMZN just confirmed it isn’t slowing after Meta and Google did the same, semis will keep printing.
Unlike hyperscalers, semis are positive FCF. They don’t depend on future ROI; they monetize real spending happening now.
With hyperscalers guiding CapEx ~50% above expectations, that cash flows directly to semis.
The market wants free cash flow.
They have it.
$BABA is the only hyperscaler holding up while markets fall. Likely because.
1. Ownership is largely non-US → US tech pressure doesn’t apply
2. China has a different economic and financial regime and situation
3. Valuation is incomparable to US hyperscalers, with cash-generating assets outside tech
Both names sit in very specific situations. As the market gets picky, performance will come from singular assets, not sectors.
This isn’t the end of AI.
It’s the start of the stock-picking era.
https://t.co/vtc1iOZNCx tweet
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Quartr
$AMZN Q4 2025
"We expect to invest about $200 billion in capital expenditures across Amazon in 2026, and anticipate strong long-term return on invested capital" - Andy Jassy
Revenue +14%
*AWS +24%
*Online Stores +10%
*Physical Stores +5%
*Third Party Sellers +11%
*Subscriptions +14%
*Advertising +23%
EBIT +18%
*margin 11.7% (11.3)
EPS +5%
FCF LTM -71%
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$AMZN Q4 2025
"We expect to invest about $200 billion in capital expenditures across Amazon in 2026, and anticipate strong long-term return on invested capital" - Andy Jassy
Revenue +14%
*AWS +24%
*Online Stores +10%
*Physical Stores +5%
*Third Party Sellers +11%
*Subscriptions +14%
*Advertising +23%
EBIT +18%
*margin 11.7% (11.3)
EPS +5%
FCF LTM -71%
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Dimitry Nakhla | Babylon Capital®
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
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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
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Bourbon Capital
$AMZN Net sales up 14% YoY $213.4B vs Est $211.49
AWS sales up 24% YoY
North America Sales up 10%
International sales 17% YoY
EPS $1.95 vs Est $1.96
Advertising growing 22%
AWS growing 24% (our fastest growth in 13 quarters) https://t.co/KRpur3rr0W
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$AMZN Net sales up 14% YoY $213.4B vs Est $211.49
AWS sales up 24% YoY
North America Sales up 10%
International sales 17% YoY
EPS $1.95 vs Est $1.96
Advertising growing 22%
AWS growing 24% (our fastest growth in 13 quarters) https://t.co/KRpur3rr0W
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App Economy Insights
$AMZN Amazon Q4 FY25:
• Revenue +14% Y/Y to $213.4B ($2.2B beat).
• Operating margin 12% (+0.4pp Y/Y).
• EPS $1.95 ($0.01 miss).
• Q1 FY26 rev guide: +11%–15% Y/Y.
☁️ AWS:
• Revenue +24% Y/Y to $35.6B.
• Operating margin 35% (-2pp Y/Y). https://t.co/169cUDweIt
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$AMZN Amazon Q4 FY25:
• Revenue +14% Y/Y to $213.4B ($2.2B beat).
• Operating margin 12% (+0.4pp Y/Y).
• EPS $1.95 ($0.01 miss).
• Q1 FY26 rev guide: +11%–15% Y/Y.
☁️ AWS:
• Revenue +24% Y/Y to $35.6B.
• Operating margin 35% (-2pp Y/Y). https://t.co/169cUDweIt
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The Transcript
Amazon Segments YoY net sales growth (FY25)
—North America: +10%
—International: +13%
—AWS: +20%
—Consolidated: +12%
Operating margins (FY25)
—North America: 6.9%
—International: 2.9%
—AWS: 35.4%
—Consolidated: 11.2%
$AMZN https://t.co/p1Mjy2vfKu
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Amazon Segments YoY net sales growth (FY25)
—North America: +10%
—International: +13%
—AWS: +20%
—Consolidated: +12%
Operating margins (FY25)
—North America: 6.9%
—International: 2.9%
—AWS: 35.4%
—Consolidated: 11.2%
$AMZN https://t.co/p1Mjy2vfKu
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