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Amazon reported 2025 revenue of $716.9 billion and Q1 2026 revenue of $181.5 billion. The thesis depends on AWS growth, advertising scale, retail margin, fulfillment efficiency and AI capital intensity.
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Axe Compute has signed a larger AI infrastructure story onto a tiny legacy revenue base, but the decisive proof is whether AGPU converts announced GPU contracts into recognized revenue and cash while ATH volatility sits on the balance sheet.
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