🐋 AMZN: $7.9M in Dec 2027 LEAP Calls — Amazon Bulls Load Up for the Long Game!

📅 March 26, 2026 | 🔥 Unusual Activity Detected

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🎯 The Quick Take

Two institutional-sized bets on Amazon just hit the tape this morning — $7.9 million in total premium split across two Dec 2027 LEAP calls at the $250 and $350 strikes. These are not hedges, not rolls, not closings: both are Buy-to-Open trades, meaning fresh capital entering at the ask or mid with conviction that AMZN goes significantly higher over the next 21 months. With the $250 strike sitting 18% out-of-the-money and the $350 strike a whopping 65% away, someone with serious resources is betting that Amazon's AI infrastructure, AWS, and Alexa+ flywheel all deliver in a big way before December 17, 2027.

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📊 Company Overview

Amazon.com Inc (AMZN) is the world's dominant cloud and e-commerce platform at the center of the AI infrastructure buildout:

• 🛒 What they do: Online retail and marketplace (74% of revenue), AWS cloud computing (17% of revenue, nearly all operating profit), advertising, Alexa, and Project Kuiper satellite internet
• 💰 Market Cap: $2.27 Trillion
• 🏢 Industry: Retail Catalog & Mail-Order / Cloud Computing / Digital Advertising
• 📈 Exchange: NASDAQ
• 📊 Current Price: ~$211.90 (March 26, 2026)
• 🤖 Key Story: AWS re-accelerated to 24% growth (fastest in 13 quarters), Alexa+ is live for 200M+ Prime members, and Amazon just committed $200 billion in AI/cloud capex for 2026 — the biggest infrastructure bet in corporate history

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💰 The Option Flow Breakdown

📊 The Tape

Order Type: BTO Standalone | Strategy: Long Call LEAP (Dual-Strike Directional)

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🤓 What This Actually Means

Let me break both trades down in plain English:

Trade 1 — The "Conviction LEAP" at $250:

• 💸 $6.7 million spent: 2,000 contracts at $33.69 each ($33.69 × 100 × 2,000 = $6.7M)
• 📈 Strike $250 is 18% above current price — needs a meaningful but not insane move to come into play
• ⏰ ~21 months to expiration (December 17, 2027) — this trader has all of 2026 and most of 2027 to be right
• 📊 Vol/OI ratio = 0.32 — 2,000 contracts against 6,300 open interest, a sizable new block on an existing liquid contract
• 🤝 MID fill — executed at the midpoint of the bid-ask spread, the classic signature of an institution negotiating a clean fill rather than lifting the ask
• 🎯 Breakeven at expiration: $283.69 — AMZN needs to rally +34% from today's spot to profit at expiry

Trade 2 — The "Lottery Ticket" at $350:

• 💸 $1.2 million spent: 1,000 contracts at $12.15 each ($12.15 × 100 × 1,000 = $1.2M)
• 🚀 Strike $350 is 65% above current price — this is a deep out-of-the-money moonshot
• ⏰ Same December 17, 2027 expiration — same long runway
• 📊 Vol/OI ratio = 0.17 — 2,000 contracts traded against 5,900 open interest on a lower-activity contract
• 🛒 ASK fill — bought at the full asking price, meaning someone wanted this contract bad enough to lift the offer without negotiation
• 🎯 Breakeven at expiration: $362.15 — requires a +71% rally from current levels

What's the thesis here?

This is a two-pronged LEAP strategy structured with a primary position at $250 (realistic, captures near-consensus analyst targets) and a secondary lottery position at $350 (extreme upside, tiny premium relative to potential payout). Together, they signal someone who did serious homework on AMZN's 21-month catalyst runway and decided to place two bets at very different price levels on the same date.

The $250 trade alone is the story: 2,000 contracts at $33.69 is not a retail trade. That's an institution or high-net-worth manager buying nearly $6.7M of AMZN upside in a single print at the midpoint. The $350 add-on at $1.2M looks like an out-of-the-money kicker — same expiration, same direction, but positioned to pay enormous multiples if something extraordinary happens to AMZN between now and end of 2027.

Both trades expire December 17, 2027 — which sits just inside the FTC antitrust trial window (February 2027), captures four more earnings cycles (Q1-Q4 2026 + Q1-Q2 2027), the full Trainium3/4 ramp, Project Kuiper commercial expansion, and Alexa+ monetization maturation.

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📈 Technical Setup / Chart Check-Up

YTD Performance

AMZN is down roughly -8.3% YTD against a NASDAQ under pressure from macro headwinds and tariff uncertainty. The year has been defined by one event: the February 5 earnings report where Amazon announced $200 billion in 2026 capex, spooking investors and triggering Amazon's worst 9-day losing streak since 2006 — wiping out more than $450 billion in market value.

Key observations from the chart:

• 📉 Post-earnings destruction: Stock dropped from ~$237 at Jan 1 to a low near $193-$197 in late February
• 📈 Recovery in progress: AMZN has bounced from the $197 floor back to $211-$212 today — a 7-8% recovery off lows
• 🏔️ $215-$220 is the near-term technical ceiling — the stock has struggled to reclaim this zone since the February selloff
• ⚠️ Still 8%+ below the year's opening price and 18%+ below the prior high near $259 in late 2025
• 📅 Next major catalyst: Q1 2026 earnings on April 23 — just 28 days away and likely the most important data point for the stock in the near term

The LEAP buyers today are not trying to catch a quick trade. They're looking past near-term noise — the YTD underperformance, the capex fear, the tariff concerns — and betting the stock is materially higher 21 months from now.

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Gamma-Based Support & Resistance Analysis

Current Price: ~$208.47

The gamma exposure (GEX) map shows where options market makers are most heavily positioned, creating natural price anchors and barriers:

Net GEX Bias: Bullish — dealer positioning overall leans toward supporting the stock, not fighting rallies

🔵 Support Levels Below Current Price (Put Gamma = Floors):

🟠 Resistance Levels Above Current Price (Call Gamma = Ceilings):

What this means for traders:

The most important near-term battle is the $210 resistance — it has the heaviest single call GEX position in the structure at 87.6. Market makers holding that call exposure will naturally sell the stock as it approaches $210, which is why you see AMZN "sticky" in the $207-$210 range. A convincing break above $210 and then $212.50 would likely push the stock toward $215 and eventually the $220 zone.

The $200 level is the structural floor — it has the heaviest put GEX of any support strike. If $200 breaks, the next real support is at $190 (8.9% lower). For the LEAP trade to work, the stock doesn't need to hit $250 tomorrow — but holding the $200 base while catalysts build is essential.

Notice: The $250 and $350 LEAP strikes today are well above all current gamma levels — the options structure today has no significant gamma influence anywhere near those strikes, confirming these are pure longer-term directional conviction plays.

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📊 Implied Move Analysis

The options market is pricing the following move expectations around upcoming expirations, with AMZN at $209.06:

Translation for the LEAP trades:

The December 2026 Triple Witch implied range already puts the upper boundary at $252.18 — meaning the options market itself says AMZN reaching $250 by end of 2026 (a year before these calls expire) is within the expected distribution. The $250 LEAP buyers today are essentially betting the stock gets to or above the December 2026 upper implied range by December 2027.

The year-ahead (March 2027) LEAP model puts the upper boundary at $262.35. The $250 call strike is squarely within that range — credible but not guaranteed. The $350 strike is a pure lottery beyond the expected distribution for any near-term model.

Key insight: The weekly implied move of only ±1.53% shows the market is fairly calm heading into the weekend. The real volatility event is coming: Q1 2026 earnings on April 23, which the April OPEX ±5.8% range is already pricing in. The LEAP buyers today are not trying to capture this week's move — they're building a position before the Q1 earnings catalyst and holding through everything that follows.

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🎪 Catalysts

Full catalyst research: AMZN Catalyst Report

🔥 Upcoming Catalysts

Q1 2026 Earnings — April 23, 2026 (After Market Close) 🚨 MOST CRITICAL NEAR-TERM

The first major checkpoint for the LEAP thesis arrives in just 28 days. Wall Street is watching:

Key questions:

• 🤖 Can AWS hold or accelerate beyond 24% growth?
• 💡 Any color on OpenAI $50B partnership revenue recognition timeline?
• 📡 Project Kuiper commercial launch status and FCC extension decision?
• 🛒 Quantitative tariff impact on third-party seller GMV?
• 💰 Any FCF guidance or capex phasing update — this is what truly moves the stock

Prime Video Ad-Free Price Increase — April 10, 2026 📺

The 67% price hike (from $2.99 to $4.99/month) pushes more subscribers to the ad-supported tier, boosting the already-high-margin advertising segment. This is a minor but clean revenue tailwind heading into Q1 earnings.

Project Kuiper FCC Deadline — July 30, 2026 📡

Amazon must have 1,618 of 3,236 Gen1 satellites operational by this date. Amazon filed for an extension in January 2026 — approval removes a key overhang, denial creates headline risk. Either way, Kuiper is a 2027+ revenue story, but sentiment matters.

Trainium3 Full Availability — Mid-2026 🖥️

Andy Jassy confirmed Trainium3 capacity is fully committed by mid-2026, including supply to OpenAI and Apple. At 4.4x performance and 4x energy efficiency vs. Trainium2, this is the engine behind AWS AI monetization. Revenue from the chip business is already at a $10B+ run rate growing triple digits.

Q2 2026 Earnings — Late July 2026 📊

The first full-quarter view of Alexa+ general availability impact, plus clarity on whether the OpenAI $50B partnership is generating real AWS workload revenue.

FTC Antitrust Trial — February 9, 2027 ⚖️

The bench trial (no jury) on marketplace monopoly allegations begins just 10 months before the Dec 2027 LEAP expiration. Pre-trial motion headlines through H2 2026 are the risk. Judicial precedent historically disfavors structural remedies in tech cases, but the uncertainty creates periodic volatility.

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✅ Recent Catalysts (Already Happened)

Amazon-OpenAI $50B Strategic Partnership — February 27, 2026 🤝

Amazon commits $15B upfront + $35B conditional to OpenAI, while OpenAI commits to spending $100B on AWS over 8 years. AWS becomes the exclusive third-party cloud for OpenAI's enterprise platform. OpenAI will consume 2 gigawatts of Trainium capacity through AWS. This is arguably the single most important business development in AMZN's history — and the market has not fully priced it.

Q4 2025 Earnings Beat + $200B Capex Shock — February 5, 2026 📊

Revenue $213.4B (+14% YoY, beat). EPS $1.95 (slight miss vs $1.97). AWS $35.6B (+24% YoY), fastest growth in 13 quarters. The $200B capex bombshell triggered a 6.4% single-day drop and the worst 9-day losing streak since 2006. This is why the stock is still down YTD despite record revenue.

Alexa+ National Launch — February 4, 2026 🤖

Free for 200M+ Prime members, $19.99/month for non-Prime. Powered by Amazon Nova LLMs and Anthropic's Claude, Alexa+ functions as a full AI agent. User engagement is 2-3x higher than original Alexa — but direct monetization path beyond Prime retention is still unproven.

Trainium Lab Exclusive Tour Published — March 22, 2026 🔧

TechCrunch published an inside look at Amazon's custom chip operation. Trainium + Graviton business now runs at a $10B+ combined annual run rate, growing triple digits. Apple, OpenAI, and Anthropic are all confirmed Trainium customers — this happened 4 days ago and the market has barely reacted.

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🎲 Price Targets & Probabilities

Using gamma levels, implied move data, analyst targets, and the catalyst calendar through December 2027, here are the scenarios for the LEAP trades:

🚀 Bull Case — $280-$340+ (30% probability by Dec 2027)

How we get there:

• ✅ Q1 2026 earnings on April 23 show AWS re-accelerating to 26%+ and management provides early signs of OpenAI revenue contribution
• ✅ Kuiper FCC extension granted, removing satellite overhang
• ✅ Trainium3 ramp in H2 2026 drives AWS margins higher, chipping away at NVIDIA's cost advantage
• ✅ Amazon deploys the $200B capex effectively and investors start seeing FCF recovery by late 2026
• 📈 Stock clears gamma resistance levels in sequence: $210 → $215 → $220 → $230 → $250 over the next 12 months
• 🤝 Additional hyperscaler partnerships announced on Trainium infrastructure
• 📊 Average analyst price target is $286.87 with Argus Research at $325 and Wells Fargo at $304 — the Street believes this is achievable

$250 Call P&L at $300: Each contract worth $50 intrinsic value → 2,000 contracts × ($50 - $33.69) = +$32.6M profit (+487% on $6.7M invested)

$350 Call P&L at $300: Calls expire worthless (stock below $350 strike) → -$1.2M (-100%)

$250 Call P&L at $340: Each contract worth $90 intrinsic → +$112.6M profit — the monster scenario

This is the range where the December 2026 implied move upper bound of $252.18 gets cleared and the stock grinds toward the analyst consensus by mid-2027.

📊 Base Case — $230-$270 (50% probability by Dec 2027)

Most likely path:

• ✅ Q1/Q2 earnings meet or slightly beat expectations; AWS holds 22-24% growth
• ⚖️ $200B capex plan executes as planned but FCF recovery takes until late 2026/early 2027
• 🔄 OpenAI partnership begins generating measurable AWS revenue by Q3 2026
• 📈 Stock grinds higher through gamma levels — clears $220-$230 by mid-2026, reaches $250-$270 by end of 2026/early 2027
• 📊 The implied move data puts the Dec 2026 Triple Witch upper range at $252.18 — this aligns with the $250 strike target zone perfectly

$250 Call P&L at $250 by expiration: Calls at-the-money, essentially zero time value at expiry → -$6.7M (-100%)

$250 Call P&L at $270: Calls worth $20 intrinsic → 2,000 × ($20 - $33.69) = -$27.4M loss (still a loser unless closed before expiry with time value!)

👀 Important: In the base case, the $250 call could be a winner IF the trader sells before expiration while meaningful time value remains. At $270 with 6 months left, these calls could be worth $40-45 each — that's a profitable exit even if $283 breakeven isn't reached at expiry.

$350 Call: Expires worthless in base case → -$1.2M

📉 Bear Case — $170-$205 (20% probability by Dec 2027)

What could go wrong:

• 😰 Q1 earnings miss — AWS decelerates below 20% and capex guidance increases further
• 🚨 FTC antitrust trial in February 2027 results in adverse preliminary rulings
• 🛒 Tariff escalation hits 60%+ of marketplace goods, crushing GMV and third-party seller fees
• 📉 Broader tech selloff from macro deterioration takes AMZN back to $190-$200 range
• 🚫 OpenAI partnership shows limited incremental AWS revenue vs. cost commitments

Both calls expire worthless → -$7.9M total loss (-100% of premium)

The gamma structure shows $200 as the strongest put support (46.4 GEX), meaning a break below $200 would be technically significant and could accelerate to $190. AMZN would need something systemically wrong to stay below $250 for the next 21 months — but it's a defined-risk trade regardless.

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💡 Trading Ideas

⚠️ These are educational ideas only. Options trading involves substantial risk. Always size appropriately — never risk more than you can afford to lose completely.

🛡️ Conservative: "Ride the Q1 Earnings Catalyst" — Near-Term Call Spread

Play: Buy the AMZN April 17, 2026 $215 Call, sell the April 17, 2026 $225 Call

Why this works:

• 📊 Defined risk, defined reward — you can't lose more than the net debit paid (roughly $3-4 per spread)
• 🎯 Targets the $215-$225 zone which is the near-term gamma battleground (strong resistance at $215 and $220)
• 📅 Expires April 17 — right before Q1 earnings on April 23, so you're playing the run-up to earnings without taking the binary risk of the report itself
• 💰 Max profit: $10 minus net debit = approximately $6-7 per spread (150-175% ROI)
• ⚖️ Analyst consensus at $286 means $215-$225 is not a stretch target on any positive data point

Position sizing: Risk 2-3% of portfolio max. 10 spreads at ~$350 net debit = $3,500 total risk.

Risk level: Low-Moderate (defined risk) | Skill level: Intermediate

⚖️ Balanced: "LEAP Light" — 2027 Bull Call Spread Mirroring the Institutional Trade

Play: Buy the AMZN December 19, 2027 $220 Call, sell the December 19, 2027 $260 Call

Why this works:

• 🐋 Same direction and timeframe as the institutional trade, but with dramatically reduced cost
• 💸 Buying the $220 call (closer to the money, cheaper upside) and selling the $260 (further OTM) to finance it — net cost roughly $15-20 per spread
• 🎯 Max profit zone: $260 by Dec 2027 (which aligns with analyst consensus and the Dec 2026 implied move upper range)
• 📊 Breakeven around $235-240 — achievable if AMZN grinds back toward prior highs
• 📈 $40 spread width on a $15-20 cost = roughly 2:1 to 2.5:1 risk/reward
• ⏰ Same long runway to capture Q1 earnings, Kuiper FCC resolution, Trainium3 ramp, and OpenAI revenue

Position sizing: 10 spreads at ~$1,700 net debit = $17,000 total risk for $23,000 max profit.

Risk level: Moderate (defined risk, directional) | Skill level: Intermediate

🚀 Aggressive: "Follow the Whale" — Dec 2027 $250 Call Outright

Play: Buy the AMZN December 17, 2027 $250 Call outright — the exact same contract the institution just bought 2,000 of

Why this could work:

• 💥 Maximum leverage on the bull thesis — same contract, same date
• 🔢 At ~$33-34 per contract, you get 21 months of $250 upside for $3,300-$3,400 per contract
• 📈 If AMZN hits $300 by mid-2027, these calls could be worth $60-70+ each — 2x your money
• 🎯 The $250 level aligns with the December 2026 implied move upper boundary of $252.18 — the options market itself says this is achievable within the next 9 months alone
• 🤝 You're literally alongside a $6.7M institutional bet — they've done the homework

Why it's risky:

• 💸 $33.69 per contract = $3,369 per contract, and you need AMZN above $283.69 just to break even at expiration
• ⏰ Time decay (theta) is your enemy on a 21-month, 18% OTM option — this costs you real money every single day the stock doesn't move
• 📉 If AMZN stays below $250 through Dec 2027, you lose 100% of premium
• 🎢 The stock is still in a technical downtrend from the $259 highs — requires sustained bullish momentum to work

Position sizing: Risk ONLY what you can afford to lose completely. 2-3 contracts = $6,700-$10,100 at risk maximum.

Risk level: HIGH (can lose 100%) | Skill level: Advanced

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⚠️ Risk Factors

Don't ignore these before trading AMZN options:

• 📉 Both strikes are meaningfully OTM: The $250 strike needs an 18% rally and the $350 strike needs a 65% rally. The December 2026 Triple Witch implied range tops out at $252.18 — so even the lower strike barely fits within one year's worth of options-implied probability at expiry. That said, there are 21 months on these contracts, not 9.

• 💸 $200B capex without a FCF floor: Amazon's CFO provided no specific FCF guidance alongside the $200B capex plan. FCF is already down 71% YoY to $11.2B. If capex exceeds revenue growth for multiple quarters, investors could push the stock back toward $190-$200. This is the single biggest overhang on the stock.

• 🏆 Azure and Google Cloud are growing faster than AWS: Microsoft Azure grew 31-39% and Google Cloud grew 36% compared to AWS at 24%. Relative growth deceleration is the key risk to the AWS premium multiple — any narrative that AWS is losing share could cap upside.

• 🛒 Tariff headwind is real and worsening: CEO Andy Jassy warned at Davos that 145% tariffs on Chinese goods are flowing into marketplace prices. With ~60% of products imported and ~1/3 from China, sellers have already raised prices ~30% on affected goods. Demand destruction risk is real.

• ⚖️ FTC antitrust trial is a 2027 event: The bench trial begins February 9, 2027 — just 10 months before these LEAP calls expire. Pre-trial headlines through H2 2026 will create periodic volatility. While structural remedies are unlikely, the overhang is real.

• 📡 Kuiper FCC deadline risk: Amazon filed for an extension on the July 30, 2026 FCC deadline to operate half of the 3,236-satellite Gen1 constellation. Denial could jeopardize the license — though the most likely outcome is approval with conditions.

• 👥 Insider selling, no buying: 25 insider sale transactions totaling $11.8M between February 23 and March 2, 2026 with zero insider purchases in the past 3 months. This doesn't make the trade wrong, but executives closest to the business are not putting their own money in.

• ⏰ Theta is the silent killer on these LEAP positions: At $33.69 on the $250 call, you're paying roughly $1.60/month in time decay (accelerating as expiration approaches). If AMZN trades flat through 2026, these calls could lose 40-50% of value purely from time decay even without a price move.

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🎯 The Bottom Line

Here's the deal: Two institutions (or one very deliberate institution) just spent $7.9 million betting that Amazon is substantially higher than today's $212 by December 17, 2027. The $250 call is the primary bet — $6.7M at a strike that the analyst consensus says is below the average price target of $286.87. The $350 call is the bonus kicker — $1.2M buying 1,000 contracts that need Amazon to nearly double. Same date, same direction, same 21-month horizon.

What this trade tells us:

• 🎯 Institutional money sees AMZN reaching or exceeding analyst consensus ($286 average target) within 21 months
• 💰 The $6.7M MID fill on 2,000 contracts at $250 is a serious, negotiated institutional order — not a retail punt
• ⏰ The December 2027 expiration was chosen deliberately: it captures Q1-Q4 2026 earnings, the OpenAI partnership ramp, Trainium3/4 monetization, Kuiper commercial expansion, and the FTC trial outcome — all the major decision points in AMZN's next chapter
• 📊 The combined $7.9M in premium is a defined-risk bet — the maximum loss is exactly $7.9M; the upside is theoretically uncapped

This IS a bullish signal — but with important context:

The $250 strike still needs an 18% rally just to reach the money, and $283.69 to break even at expiration. These are not easy hurdles. The stock is in a technical downtrend with near-term resistance at $210, $212.50, and $215 — three walls to climb before getting anywhere near $250. The bull thesis requires: (1) Q1 earnings on April 23 showing AWS holding at 24%+ growth, (2) the OpenAI partnership beginning to generate visible revenue by mid-2026, (3) the $200B capex beginning to translate into accelerating cloud margins, and (4) the tariff/macro environment stabilizing enough to prevent a consumer spending collapse.

If you're bullish on AMZN's long-term AI thesis:

• ✅ Use defined-risk structures (bull call spreads) rather than naked LEAP calls to participate without the 100% loss risk
• 📊 The $200 gamma support is your bear case floor — set alerts if the stock approaches it heading into Q1 earnings
• 📅 Mark April 23, 2026 on your calendar — Q1 earnings is the first major validation or invalidation of this entire thesis
• 💡 Watch for Trainium3 production commentary at Q1 earnings; the chip business growing at triple digits at $10B+ run rate is the under-appreciated part of the AWS story

If you're watching:

• 🎯 Any pullback toward the $205-$207 gamma support zone would offer a better risk/reward entry for those who want to follow the institutional direction at a more favorable price
• 📊 The implied move through April OPEX of ±5.8% already prices in meaningful Q1 earnings risk — waiting until after earnings for a clear signal is a valid approach

If you're cautious:

• ⚠️ The FCF compression story ($11.2B trailing FCF on a $2.27T market cap) is a real valuation concern, not just noise
• 📉 A break below $200 gamma support would be a technically significant warning sign
• 🛡️ Consider the $215/$205 put spread as downside insurance if you hold AMZN stock into earnings

Key dates to mark:

• 📅 April 10, 2026 — Prime Video ad-free price hike to $4.99/month
• 📅 April 23, 2026 — Q1 2026 Earnings (after close) — THE MOST IMPORTANT NEAR-TERM DATE
• 📅 July 30, 2026 — Kuiper FCC satellite constellation deadline
• 📅 Mid-2026 — Trainium3 full availability and committed supply ramp
• 📅 Late July 2026 (estimated) — Q2 2026 Earnings (first OpenAI partnership revenue quarter)
• 📅 February 9, 2027 — FTC antitrust bench trial begins
• 📅 December 17, 2027 — BOTH LEAPS EXPIRE — moment of truth for the $7.9M bet

Final verdict: The $250/$350 LEAP combo says one thing clearly — someone believes the market is dramatically undervaluing Amazon's AI infrastructure position and is willing to pay $7.9M to wait 21 months for the market to catch up. With 42 analysts rating AMZN a Buy at an average target of $286.87 (35% upside from here), the direction of the bet is not contrarian — it's consensus. The size and structure of the trade is what makes it unusual. The stock just needs to execute. April 23 tells us if they're early or right. 💪

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⚠️ Disclaimer: This analysis is for educational and informational purposes only. Options trading involves substantial risk of loss and may not be suitable for all investors. The unusual options activity described does not constitute investment advice or a recommendation to buy or sell any security. LEAP options can lose 100% of their premium if the underlying does not reach the strike price by expiration. Always do your own research and consider consulting a licensed financial advisor before trading. Past performance and institutional positioning are not guarantees of future results.

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About Amazon.com Inc: Amazon is the world's leading online retailer and cloud computing provider, with retail-related revenue representing ~74% of total revenue and AWS generating the majority of operating profit. Market cap: $2.27 trillion on NASDAQ.