Artisan Global Opportunities Fund on Amazon.com, Inc.
Thesis
Amazon delivered a strong quarter, with AWS revenue growth accelerating to 37% and operating margins expanding meaningfully. The company continues investing to satisfy demand for AI infrastructure while maintaining its focus on attractive long-term returns on invested capital. The fund views Amazon's previous investment cycles in logistics and AWS as evidence that management can successfully deploy capital ahead of major structural opportunities. It added to the stock before the quarterly results.
“Amazon has successfully navigated similar investment cycles in the past”