Cloud ServicesRising inflation and US technical recession are expected to hamper cloud infrastructure spending, affecting AWS growth.
Competitive PressureThe threat, real or perceived, of Walmart as a scaled competitor in merchant services, specifically logistics and fulfillment, could impact the North America operating income margin recovery story at Amazon.
Financial PerformanceFlat third-party seller fees in 2025 could result in a $2B negative impact to North America operating income.