FreeMega-cap TechAMZN9 min read
AMZN earnings preview: what I'm watching
AMZN chart · D
The thesis
Ad reacceleration plus margin discipline is a combination the market keeps doubting.
Capex is front-loaded but the return profile is clearer than the bears claim.
What I'm watching
- capex commentary on the call
- operating margin trajectory
- A clean move through the level I flag below
Positioning
Short on AMZN, 3-12 months horizon. Conviction: Low. Regulatory headlines add noise, not thesis breaks.
Opinion, not investment advice. The author may or may not hold positions discussed.
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