{
  "asOf": "2026-10-06",
  "marketCapDate": "2026-10-06, before US market open",
  "units": "USD billions unless stated",
  "methodology": {
    "annual": "Company fiscal years; Microsoft ends June, Apple September, NVIDIA January. Alphabet and Amazon use calendar years.",
    "quarter": "Latest four company fiscal quarters, not identical calendar windows. Fourth quarters and standalone cash flows derived from annual/YTD differences where required.",
    "ttm": "Sum of latest four quarters. Financial dates are stated per company.",
    "fcf": "Apple, Alphabet and Microsoft: operating cash flow less cash PPE purchases. Amazon: operating cash flow less PPE purchases net of sale proceeds and incentives, excluding finance-lease principal. NVIDIA: its published FCF also deducts purchases and principal payments for PPE and intangibles. Definitions differ; FCF is not GAAP profit or cash after all investing/financing.",
    "valuation": "Provider-rounded company-wide market caps, one company per share-class group. Market cap / trailing GAAP common net income is an approximate P/E, not a quote-based diluted EPS calculation. No enterprise values or target prices.",
    "source": "SEC companyfacts, annual and quarterly filings and earnings releases; source links travel with each company.",
    "precision": "USD billions from reported USD millions. Source statements occasionally have immaterial rounding/reconciliation differences; NVIDIA published FCF is used directly. Figures are historical snapshots, not live feeds."
  },
  "companies": [
    {
      "name": "NVIDIA",
      "ticker": "NVDA",
      "rank": 1,
      "marketCap": 5768,
      "color": "#39764c",
      "releaseDate": "2026-08-26",
      "mix": [
        [
          "Hyperscale",
          48.71
        ],
        [
          "AI clouds, industrial & enterprise",
          40.313
        ],
        [
          "Edge",
          7.198
        ]
      ],
      "id": "nvidia",
      "annual": [
        {
          "label": "FY2024",
          "start": "2023-01-30",
          "end": "2024-01-28",
          "revenue": 60.922,
          "operating": 32.972,
          "net": 29.76,
          "cfo": 28.09,
          "capex": 1.069,
          "fcf": 26.947,
          "operatingMargin": 54.121664
        },
        {
          "label": "FY2025",
          "start": "2024-01-29",
          "end": "2025-01-26",
          "revenue": 130.497,
          "operating": 81.453,
          "net": 72.88,
          "cfo": 64.089,
          "capex": 3.236,
          "fcf": 60.724,
          "operatingMargin": 62.417527
        },
        {
          "label": "FY2026",
          "start": "2025-01-27",
          "end": "2026-01-25",
          "revenue": 215.938,
          "operating": 130.387,
          "net": 120.067,
          "cfo": 102.718,
          "capex": 6.042,
          "fcf": 96.575,
          "operatingMargin": 60.381684
        }
      ],
      "quarters": [
        {
          "label": "Q3 FY2026",
          "start": "2025-07-28",
          "end": "2025-10-26",
          "revenue": 57.006,
          "operating": 36.01,
          "net": 31.91,
          "cfo": 23.751,
          "capex": 1.636,
          "fcf": 22.089,
          "operatingMargin": 63.168789
        },
        {
          "label": "Q4 FY2026",
          "start": "2025-10-27",
          "end": "2026-01-25",
          "revenue": 68.127,
          "operating": 44.299,
          "net": 42.96,
          "cfo": 36.188,
          "capex": 1.284,
          "fcf": 34.902,
          "operatingMargin": 65.024146
        },
        {
          "label": "Q1 FY2027",
          "start": "2026-01-26",
          "end": "2026-04-26",
          "revenue": 81.615,
          "operating": 53.536,
          "net": 58.321,
          "cfo": 50.344,
          "capex": 1.757,
          "fcf": 48.554,
          "operatingMargin": 65.595785
        },
        {
          "label": "Q2 FY2027",
          "start": "2026-04-27",
          "end": "2026-07-26",
          "revenue": 96.221,
          "operating": 63.734,
          "net": 59.688,
          "cfo": 24.077,
          "capex": 2.677,
          "fcf": 21.341,
          "operatingMargin": 66.2371
        }
      ],
      "prior": {
        "label": "Q2 FY2026",
        "start": "2025-04-28",
        "end": "2025-07-27",
        "revenue": 46.743,
        "operating": 28.44,
        "net": 26.422,
        "cfo": null,
        "capex": null
      },
      "sources": [
        {
          "title": "Q2 FY2027 earnings release",
          "url": "https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Announces-Financial-Results-for-Second-Quarter-Fiscal-2027/default.aspx"
        },
        {
          "title": "FY2026 earnings release",
          "url": "https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Announces-Financial-Results-for-Fourth-Quarter-and-Fiscal-2026/default.aspx"
        },
        {
          "title": "NVIDIA deep research",
          "url": "https://stuff.ac/file/6a021800-966c-4d09-af6a-56c9c32c6d75"
        },
        {
          "title": "SEC financial facts (filings through cutoff)",
          "url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001045810.json"
        },
        {
          "title": "FY2024 earnings and free cash flow",
          "url": "https://investor.nvidia.com/news/press-release-details/2024/NVIDIA-Announces-Financial-Results-for-Fourth-Quarter-and-Fiscal-2024/default.aspx"
        }
      ],
      "ttm": {
        "revenue": 302.969,
        "operating": 197.579,
        "net": 192.879,
        "cfo": 134.36,
        "capex": 7.354,
        "fcf": 126.886,
        "end": "2026-07-26",
        "operatingMargin": 65.21426284537363
      },
      "growth": {
        "revenue": 105.85114348672526,
        "operating": 124.0998593530239,
        "net": 125.90265687684506
      },
      "tagline": "AI infrastructure with exceptional margins",
      "thesis": "Revenue is growing fastest in this group. Customer collections and transition margins determine how much of that growth becomes cash.",
      "upside": "Accelerated computing demand and a broad hardware/software platform support growth.",
      "risk": "Receivables, customer financing exposure, competing chips and product-transition margins.",
      "watch": [
        "Receivable collections and cash conversion",
        "Gross margin through the product transition",
        "Customer funding and capacity utilization"
      ],
      "report": "https://stuff.ac/file/6a021800-966c-4d09-af6a-56c9c32c6d75",
      "cashNote": "Published FCF includes principal payments on PPE and intangibles.",
      "quality": "Q2 FCF was $21.3B versus $59.7B GAAP net income. Receivables used $22.35B of operating cash in the quarter.",
      "scenarios": [
        {
          "name": "Lower",
          "revenueGrowth": 15,
          "operatingMargin": 58,
          "revenue": 348.414,
          "operating": 202.08
        },
        {
          "name": "Middle",
          "revenueGrowth": 30,
          "operatingMargin": 63,
          "revenue": 393.86,
          "operating": 248.132
        },
        {
          "name": "Higher",
          "revenueGrowth": 45,
          "operatingMargin": 66,
          "revenue": 439.305,
          "operating": 289.941
        }
      ],
      "valuation": {
        "priceSales": 19.038251438265963,
        "priceEarnings": 29.90475894213471,
        "priceFCF": 45.458127768232906,
        "fcfYield": 2.1998266296809987
      }
    },
    {
      "name": "Apple",
      "ticker": "AAPL",
      "rank": 2,
      "marketCap": 4858,
      "color": "#606c75",
      "releaseDate": "2026-07-30",
      "mix": [
        [
          "iPhone",
          54.252
        ],
        [
          "Services",
          30.739
        ],
        [
          "Mac",
          10.352
        ],
        [
          "Wearables, Home, Accessories",
          7.883
        ],
        [
          "iPad",
          6.191
        ]
      ],
      "id": "apple",
      "annual": [
        {
          "label": "FY2023",
          "start": "2022-09-25",
          "end": "2023-09-30",
          "revenue": 383.285,
          "operating": 114.301,
          "net": 96.995,
          "cfo": 110.543,
          "capex": 10.959,
          "fcf": 99.584,
          "operatingMargin": 29.821412
        },
        {
          "label": "FY2024",
          "start": "2023-10-01",
          "end": "2024-09-28",
          "revenue": 391.035,
          "operating": 123.216,
          "net": 93.736,
          "cfo": 118.254,
          "capex": 9.447,
          "fcf": 108.807,
          "operatingMargin": 31.510223
        },
        {
          "label": "FY2025",
          "start": "2024-09-29",
          "end": "2025-09-27",
          "revenue": 416.161,
          "operating": 133.05,
          "net": 112.01,
          "cfo": 111.482,
          "capex": 12.715,
          "fcf": 98.767,
          "operatingMargin": 31.9708
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      ],
      "quarters": [
        {
          "label": "Q4 FY2025",
          "start": "2025-06-29",
          "end": "2025-09-27",
          "revenue": 102.466,
          "operating": 32.427,
          "net": 27.466,
          "cfo": 29.728,
          "capex": 3.242,
          "fcf": 26.486,
          "operatingMargin": 31.646595
        },
        {
          "label": "Q1 FY2026",
          "start": "2025-09-28",
          "end": "2025-12-27",
          "revenue": 143.756,
          "operating": 50.852,
          "net": 42.097,
          "cfo": 53.925,
          "capex": 2.373,
          "fcf": 51.552,
          "operatingMargin": 35.373828
        },
        {
          "label": "Q2 FY2026",
          "start": "2025-12-28",
          "end": "2026-03-28",
          "revenue": 111.184,
          "operating": 35.885,
          "net": 29.578,
          "cfo": 28.702,
          "capex": 1.971,
          "fcf": 26.731,
          "operatingMargin": 32.275327
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        {
          "label": "Q3 FY2026",
          "start": "2026-03-29",
          "end": "2026-06-27",
          "revenue": 109.417,
          "operating": 35.695,
          "net": 29.789,
          "cfo": 34.369,
          "capex": 2.455,
          "fcf": 31.914,
          "operatingMargin": 32.622901
        }
      ],
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        "label": "Q3 FY2025",
        "start": "2025-03-30",
        "end": "2025-06-28",
        "revenue": 94.036,
        "operating": 28.202,
        "net": 23.434,
        "cfo": null,
        "capex": null
      },
      "ttm": {
        "revenue": 466.823,
        "operating": 154.859,
        "net": 128.93,
        "cfo": 146.724,
        "capex": 10.041,
        "fcf": 136.683,
        "end": "2026-06-27",
        "operatingMargin": 33.17295848747813
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      "growth": {
        "revenue": 16.356501765281383,
        "operating": 26.56903765690375,
        "net": 27.118716394981647
      },
      "sources": [
        {
          "title": "Annual",
          "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm"
        },
        {
          "title": "Quarter",
          "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019326000020/aapl-20260627.htm"
        },
        {
          "title": "Call",
          "url": "https://www.marketbeat.com/earnings/reports/2026-7-30-apple-inc-stock/"
        },
        {
          "title": "SEC financial facts (filings through cutoff)",
          "url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000320193.json"
        },
        {
          "title": "Release",
          "url": "https://www.apple.com/newsroom/2026/07/apple-reports-third-quarter-results/"
        },
        {
          "title": "Siri",
          "url": "https://www.apple.com/newsroom/2026/09/siri-ai-a-profoundly-more-capable-and-personal-assistant-is-here/"
        },
        {
          "title": "Leadership",
          "url": "https://www.apple.com/ie/newsroom/2026/04/tim-cook-to-become-apple-executive-chairman-john-ternus-to-become-apple-ceo/"
        },
        {
          "title": "Leaders",
          "url": "https://www.apple.com/leadership/"
        },
        {
          "title": "News",
          "url": "https://www.axios.com/2026/07/30/apple-earnings-beat-estimates-boosted-by-tariff-refunds"
        },
        {
          "title": "Market",
          "url": "https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/"
        }
      ],
      "tagline": "Devices monetize a durable customer base",
      "thesis": "Strong hardware demand and Services margins support cash generation. AI must prove its incremental economics.",
      "upside": "Device upgrades, customer retention and paid services can reinforce one another.",
      "risk": "Supply constraints, component costs, platform economics and the cost of AI usage.",
      "watch": [
        "Margins excluding tariff refunds",
        "Services growth and paid conversion",
        "Siri usage costs and device upgrades"
      ],
      "cashNote": "FCF is operating cash flow less cash PPE purchases.",
      "quality": "A tariff refund added about 2 percentage points to Q3 gross margin. It should not be assumed to recur.",
      "report": "https://stuff.ac/file/5e22c801-c453-4737-b403-e5b4796df3b4",
      "scenarios": [
        {
          "name": "Lower",
          "revenueGrowth": 3,
          "operatingMargin": 30,
          "revenue": 480.828,
          "operating": 144.248
        },
        {
          "name": "Middle",
          "revenueGrowth": 8,
          "operatingMargin": 33,
          "revenue": 504.169,
          "operating": 166.376
        },
        {
          "name": "Higher",
          "revenueGrowth": 13,
          "operatingMargin": 35,
          "revenue": 527.51,
          "operating": 184.628
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      ],
      "valuation": {
        "priceSales": 10.406513817871014,
        "priceEarnings": 37.679360893508104,
        "priceFCF": 35.54209374977137,
        "fcfYield": 2.8135652531906135
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    },
    {
      "name": "Alphabet",
      "ticker": "GOOG / GOOGL",
      "rank": 3,
      "marketCap": 4205,
      "color": "#a46c29",
      "releaseDate": "2026-07-22",
      "mix": [
        [
          "Google Services",
          94.54
        ],
        [
          "Google Cloud",
          24.768
        ],
        [
          "Other Bets + hedging",
          0.488
        ]
      ],
      "id": "alphabet",
      "annual": [
        {
          "label": "FY2023",
          "start": "2023-01-01",
          "end": "2023-12-31",
          "revenue": 307.394,
          "operating": 84.293,
          "net": 73.795,
          "cfo": 101.746,
          "capex": 32.251,
          "fcf": 69.495,
          "operatingMargin": 27.42181
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        {
          "label": "FY2024",
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          "end": "2024-12-31",
          "revenue": 350.018,
          "operating": 112.39,
          "net": 100.118,
          "cfo": 125.299,
          "capex": 52.535,
          "fcf": 72.764,
          "operatingMargin": 32.109777
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        {
          "label": "FY2025",
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          "end": "2025-12-31",
          "revenue": 402.836,
          "operating": 129.039,
          "net": 132.17,
          "cfo": 164.713,
          "capex": 91.447,
          "fcf": 73.266,
          "operatingMargin": 32.032639
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      ],
      "quarters": [
        {
          "label": "Q3 2025",
          "start": "2025-07-01",
          "end": "2025-09-30",
          "revenue": 102.346,
          "operating": 31.228,
          "net": 34.979,
          "cfo": 48.414,
          "capex": 23.953,
          "fcf": 24.461,
          "operatingMargin": 30.512184
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        {
          "label": "Q4 2025",
          "start": "2025-10-01",
          "end": "2025-12-31",
          "revenue": 113.829,
          "operating": 35.934,
          "net": 34.455,
          "cfo": 52.402,
          "capex": 27.851,
          "fcf": 24.551,
          "operatingMargin": 31.568405
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        {
          "label": "Q1 2026",
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          "end": "2026-03-31",
          "revenue": 109.896,
          "operating": 39.696,
          "net": 62.578,
          "cfo": 45.79,
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          "fcf": 10.116,
          "operatingMargin": 36.121424
        },
        {
          "label": "Q2 2026",
          "start": "2026-04-01",
          "end": "2026-06-30",
          "revenue": 119.796,
          "operating": 40.77,
          "net": 112.193,
          "cfo": 39.069,
          "capex": 44.924,
          "fcf": -5.855,
          "operatingMargin": 34.032856
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      ],
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        "label": "Q2 2025",
        "start": "2025-04-01",
        "end": "2025-06-30",
        "revenue": 96.428,
        "operating": 31.271,
        "net": 28.196,
        "cfo": null,
        "capex": null
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        "revenue": 445.867,
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        "fcf": 53.273,
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        "operatingMargin": 33.11032213642184
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        "net": 297.90395800822813
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      "sources": [
        {
          "title": "Annual",
          "url": "https://www.sec.gov/Archives/edgar/data/1652044/000165204426000018/goog-20251231.htm"
        },
        {
          "title": "Quarter",
          "url": "https://www.sec.gov/Archives/edgar/data/1652044/000165204426000071/goog-20260630.htm"
        },
        {
          "title": "Release",
          "url": "https://www.sec.gov/Archives/edgar/data/1652044/000165204426000066/googexhibit991q22026.htm"
        },
        {
          "title": "Call",
          "url": "https://stockanalysis.com/stocks/googl/transcripts/657320-q2-2026/"
        },
        {
          "title": "SEC financial facts (filings through cutoff)",
          "url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001652044.json"
        },
        {
          "title": "Product",
          "url": "https://blog.google/products-and-platforms/products/google-one/fall-2026-ai-plan-updates/"
        },
        {
          "title": "News",
          "url": "https://www.axios.com/2026/09/02/google-ad-tech-antitrust-remedies"
        },
        {
          "title": "Market",
          "url": "https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/"
        }
      ],
      "commonNet": 244.119,
      "tagline": "Search cash meets a huge cloud buildout",
      "thesis": "Search and Cloud show strong operating growth, but investment gains distort net income and capex consumes cash.",
      "upside": "AI can improve commercial search and help Cloud gain profitable workloads.",
      "risk": "Search monetization, capacity returns, financing dilution and regulatory constraints.",
      "watch": [
        "Search advertising economics",
        "Cloud margin and backlog delivery",
        "Capex, FCF and equity issuance"
      ],
      "cashNote": "FCF is operating cash flow less cash PPE purchases.",
      "quality": "Q2 net income was $112.2B alongside $98.0B other income, mostly investment gains. Q2 FCF was negative $5.9B.",
      "report": "https://stuff.ac/file/cac51539-3175-4467-a54d-7290a69f90f8",
      "scenarios": [
        {
          "name": "Lower",
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          "revenue": 481.536,
          "operating": 134.83
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        {
          "name": "Middle",
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        {
          "name": "Higher",
          "revenueGrowth": 22,
          "operatingMargin": 36,
          "revenue": 543.958,
          "operating": 195.825
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      ],
      "valuation": {
        "priceSales": 9.431063523427389,
        "priceEarnings": 17.22520573982361,
        "priceFCF": 78.93304300489929,
        "fcfYield": 1.2668965517241382
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    },
    {
      "name": "Microsoft",
      "ticker": "MSFT",
      "rank": 4,
      "marketCap": 3899,
      "color": "#356e9b",
      "releaseDate": "2026-07-29",
      "mix": [
        [
          "Productivity & Business Processes",
          37.847
        ],
        [
          "Intelligent Cloud",
          39.306
        ],
        [
          "More Personal Computing",
          12.854
        ]
      ],
      "id": "microsoft",
      "annual": [
        {
          "label": "FY2024",
          "start": "2023-07-01",
          "end": "2024-06-30",
          "revenue": 245.122,
          "operating": 109.433,
          "net": 88.136,
          "cfo": 118.548,
          "capex": 44.477,
          "fcf": 74.071,
          "operatingMargin": 44.6443
        },
        {
          "label": "FY2025",
          "start": "2024-07-01",
          "end": "2025-06-30",
          "revenue": 281.724,
          "operating": 128.528,
          "net": 101.832,
          "cfo": 136.162,
          "capex": 64.551,
          "fcf": 71.611,
          "operatingMargin": 45.621956
        },
        {
          "label": "FY2026",
          "start": "2025-07-01",
          "end": "2026-06-30",
          "revenue": 331.839,
          "operating": 155.237,
          "net": 133.749,
          "cfo": 182.935,
          "capex": 115.948,
          "fcf": 66.987,
          "operatingMargin": 46.780818
        }
      ],
      "quarters": [
        {
          "label": "Q1 FY2026",
          "start": "2025-07-01",
          "end": "2025-09-30",
          "revenue": 77.673,
          "operating": 37.961,
          "net": 27.747,
          "cfo": 45.057,
          "capex": 19.394,
          "fcf": 25.663,
          "operatingMargin": 48.872839
        },
        {
          "label": "Q2 FY2026",
          "start": "2025-10-01",
          "end": "2025-12-31",
          "revenue": 81.273,
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        {
          "label": "Q3 FY2026",
          "start": "2026-01-01",
          "end": "2026-03-31",
          "revenue": 82.886,
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        {
          "label": "Q4 FY2026",
          "start": "2026-04-01",
          "end": "2026-06-30",
          "revenue": 90.007,
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        "label": "Q4 FY2025",
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        "end": "2025-06-30",
        "revenue": 76.441,
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        "revenue": 331.839,
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        {
          "title": "Annual",
          "url": "https://www.sec.gov/Archives/edgar/data/789019/000119312526323660/msft-20260630.htm"
        },
        {
          "title": "Release",
          "url": "https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast"
        },
        {
          "title": "Call",
          "url": "https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q4"
        },
        {
          "title": "SEC financial facts (filings through cutoff)",
          "url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000789019.json"
        },
        {
          "title": "Product",
          "url": "https://blogs.microsoft.com/blog/2026/09/25/introducing-the-new-copilot-with-home-code-and-autopilot/"
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        {
          "title": "News",
          "url": "https://apnews.com/article/f7dff4fb9d51a2bdec56a13e5da1053d"
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        {
          "title": "Market",
          "url": "https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/"
        }
      ],
      "tagline": "Enterprise reach, growing infrastructure costs",
      "thesis": "Azure and paid AI adoption extend enterprise distribution. Cash returns must catch up with infrastructure spending.",
      "upside": "Existing enterprise relationships make new paid products easier to distribute.",
      "risk": "Capital intensity, utilization, partner exposure and weak incremental AI returns.",
      "watch": [
        "Azure growth and capacity",
        "Copilot renewals and monetization",
        "Cash capex plus lease obligations"
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      "cashNote": "FCF excludes finance-lease principal. Broader capex guidance uses a different definition.",
      "quality": "FY2026 operating income rose 20.8%, while FCF fell 6.5%. Future lease classification changes complicate capex comparisons.",
      "report": "https://stuff.ac/file/7c715e7d-226f-4ee8-a582-9827bd9a8b21",
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        {
          "name": "Lower",
          "revenueGrowth": 10,
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        {
          "name": "Middle",
          "revenueGrowth": 16,
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          "revenue": 384.933,
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        {
          "name": "Higher",
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          "revenue": 404.844,
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    {
      "name": "Amazon",
      "ticker": "AMZN",
      "rank": 5,
      "marketCap": 2711,
      "color": "#bb6042",
      "releaseDate": "2026-07-30",
      "mix": [
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          116.177
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          42.197
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          42.232
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      "annual": [
        {
          "label": "FY2023",
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          "end": "2023-12-31",
          "revenue": 574.785,
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          "end": "2024-12-31",
          "revenue": 637.959,
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        {
          "label": "FY2025",
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          "revenue": 716.924,
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        {
          "label": "Q3 2025",
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          "end": "2025-09-30",
          "revenue": 180.169,
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        {
          "label": "Q4 2025",
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          "end": "2025-12-31",
          "revenue": 213.386,
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          "net": 21.192,
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        {
          "label": "Q1 2026",
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          "end": "2026-03-31",
          "revenue": 181.519,
          "operating": 23.852,
          "net": 30.255,
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        {
          "label": "Q2 2026",
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          "end": "2026-06-30",
          "revenue": 200.606,
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          "operatingMargin": 13.689022
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      ],
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        "label": "Q2 2025",
        "start": "2025-04-01",
        "end": "2025-06-30",
        "revenue": 167.702,
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        "capex": 32.183
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      "ttm": {
        "revenue": 775.68,
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        "operatingMargin": 12.081270627062707
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      "growth": {
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      "sources": [
        {
          "title": "Annual",
          "url": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm"
        },
        {
          "title": "Quarter",
          "url": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000026/amzn-20260630.htm"
        },
        {
          "title": "Release",
          "url": "https://ir.aboutamazon.com/news-release/news-release-details/2026/Amazon-com-Announces-Second-Quarter-Results/default.aspx"
        },
        {
          "title": "Call",
          "url": "https://stockanalysis.com/stocks/amzn/transcripts/657334-q2-2026/"
        },
        {
          "title": "SEC financial facts (filings through cutoff)",
          "url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001018724.json"
        },
        {
          "title": "Q3 2025 earnings release",
          "url": "https://ir.aboutamazon.com/news-release/news-release-details/2025/Amazon-com-Announces-Third-Quarter-Results/default.aspx"
        },
        {
          "title": "Product",
          "url": "https://www.aboutamazon.com/news/aws/claude-fable-5-anthropic-available-amazon-bedrock"
        },
        {
          "title": "Gpu",
          "url": "https://press.aboutamazon.com/aws/2026/8/aws-and-nvidia-to-deliver-2-million-additional-gpus-and-next-generation-infrastructure-for-agentic-and-physical-ai"
        },
        {
          "title": "Community",
          "url": "https://www.aboutamazon.com/news/company-news/amazon-data-centers-built-together"
        },
        {
          "title": "News",
          "url": "https://apnews.com/article/91b65ba1729540c1c0d92e35deef35d8"
        },
        {
          "title": "Market",
          "url": "https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/"
        }
      ],
      "tagline": "AWS profits, retail scale, heavy reinvestment",
      "thesis": "AWS supplies most operating profit. Infrastructure spending exceeds trailing operating cash generation.",
      "upside": "Cloud demand, advertising and delivery efficiency can improve group profitability.",
      "risk": "Overbuilding, input-cost inflation, delivery constraints and financing needs.",
      "watch": [
        "AWS margin after discrete benefits",
        "Net cash capex and lease payments",
        "Retail unit economics and cash conversion"
      ],
      "cashNote": "FCF nets PPE proceeds/incentives and excludes finance-lease principal.",
      "quality": "TTM operating cash flow of $161.4B was below $169.0B net capex. Investment gains also inflate GAAP earnings.",
      "report": "https://stuff.ac/file/2e833ab4-2596-4c1c-a09c-751e4b88b9b9",
      "scenarios": [
        {
          "name": "Lower",
          "revenueGrowth": 8,
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          "revenue": 837.734,
          "operating": 83.773
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        {
          "name": "Middle",
          "revenueGrowth": 13,
          "operatingMargin": 12,
          "revenue": 876.518,
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        {
          "name": "Higher",
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          "revenue": 915.302,
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      ],
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  ],
  "sources": [
    {
      "title": "Dated coverage ranking",
      "url": "https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/"
    },
    {
      "title": "Research standard and ten-company list",
      "url": "https://stuff.ac/file/0bfe9dc5-1dfb-4e97-9c11-5baa15166417"
    }
  ]
}