Amazon: Anthropic's IPO Can Be A Game Changer

Amazon (AMZN) is rated Buy, with growth and valuation increasingly tied to AI-driven AWS and data center capex. AWS is projected to drive over 70% of AMZN's EBITDA by 2030, but long-term returns hinge on AI-as-a-service monetization. Key risks include potential oversupply, declining ROIC, and uncertainty around OpenAI and Anthropic's ability to pay for compute.