Amazon: $1T AWS Ambition As Growth Accelerates - Ignore FCF/Debt Noise

AWS drives 60.3% of Amazon's operating income, with accelerating revenue/margin expansion and demand growth across custom chips/SaaS/compute backlog. These support AMZN's aggressive capex guidance and doubled AWS power capacity plans through 2027, supporting a long-term $1T annual revenue target.

The elongated data center/server useful life may reduce depreciation risks, allowing them to deliver positive FCF from 2027 onwards, aided by accelerating commerce/ad/subscription trends. Look forward to further consensus upgrading potential beyond the currently conservative numbers, with it triggering further capital appreciation prospects.

AMZN is a Buy near the 50/100/200 DMAs, given the potential seasonal weakness, OpenAI/Anthropic concentration, and secular financing risks.