- AMZN’s lag reflects a real threat: AI agents could control discovery and purchasing, weakening Amazon’s retail and advertising moat.
- The author expects gradual adoption and Amazon adaptation through Project Moonraker or partnerships; AWS, Trainium, Graviton and other AI infrastructure could outweigh advertising dollars at risk.
- Anthropic concerns and higher diesel costs add pressure, but the author points to strong Anthropic growth, an intact AWS commitment, eventual fuel-cost pass-through and fulfillment efficiencies—and remains willing to own AMZN if the bull case is more right.
Investment pitches
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