Hold AMZN by Oct 28, 2026.

Quick context first for anyone who needs it. Amazon is really three businesses stapled together: a retail marketplace, a logistics network, and AWS, the cloud infrastructure arm where most of the profit actually comes from. Advertising has quietly become a fourth. Retail runs on thin margins and volume, AWS runs on high margins, and the consolidated statements blend all of it, which is part of why single ratios are awkward with this company. I run a model that pulls straight …