Amazon hit a peak in May and has been sliding since, down about 16% from that high. The spending is the big one. Two hundred billion dollars this year on AI stuff, and free cash flow is about to go negative. Then there is the FTC investigation into ad pricing, which could be bigger than the last one. Plus Meta is building a cloud business, so now AWS has a new competitor to think about. Prime Day just passed, so maybe that gives us some clarity. The stock looks cheaper, but cheaper does not always mean good value.
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