- AWS AI infrastructure expansion ($11B Anthropic data center)
- Advertising acceleration (3rd consecutive quarter)
- Rufus AI shopping assistant (250M users)
- Corporate efficiency (14,000 layoffs to reduce bureaucracy)
- Just Walk Out technology and drone delivery
- AWS growth deceleration from 30%+ to 20%
- Retail margin pressure from competition
- Regulatory risk and potential restrictions
- CapEx intensity pressuring cash flow
- Economic sensitivity