$AMZN BMO

$Amazon (AMZN.US)$ AWS flexed its underappreciated AI toolkit at its NYC summit as AI/ML has grown to a multi-billion dollar run-rate business for AMZN. While consensus believes that AMZN lags behind its mega-cap peers in AI capabilities, AMZN highlighted that it has launched over two times the number of AI services than $Microsoft (MSFT.US)$ and $Alphabet-A (GOOGL.US)$ combined since 2023. We believe investors are underestimating AMZN’s positioning to win its fair share of AI workloads and believe its platform approach with Bedrock will be a winning strategy over the long term.