AMZN earnings preview: what I'm watching

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.