William Blair keeps an Outperform rating on Amazon.com (AMZN) while adding the stock to the firm’s Conviction List after the company released the 2025 shareholder letter by CEO Andy Jassy. Building on some stronger defense of the AI strategy from the 2024 letter, this was Jassy’s most impactful to date letter, presenting the clearest defense and incremental proof points to support the direction of the business, the analyst tells investors in a research note. The firm continues to believe that 2026 will represent peak capex for Amazon but also notes that while the body language of the letter is that the company will keep spending “into the great unknown”, it is still with an understanding that there is more immediate payback, supporting its views related to return-on-invested-capital on these initiatives.
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