News Summary
PositiveAmazon delivered strong Q2 2026 results with AWS accelerating to 37% YoY growth (fastest in 15 quarters) and raised full-year capex to $220B for AI/cloud infrastructure, demonstrating robust cloud momentum. However, a significant FTC lawsuit alleging systematic advertiser overcharging on its advertising platform, joined by 22 state AGs, presents material regulatory and reputational risk that could impact the high-margin advertising business.
Red flags
- •FTC lawsuit alleging Amazon 'secretly and systematically overcharged' advertisers via pricing/auction manipulation; joined by 22 state attorneys general
- •AWS leadership departure (Dave Brown, SVP with ~20 years tenure) announced mid-July amid rapid business transition
- •Prime Day timing shift created tough Q3 YoY comparisons that may pressure near-term growth narrative
- •FCRA settlement ($2.25M penalty in June) preceded larger advertising lawsuit, suggesting pattern of compliance issues
Funds Buying (10)
| Fund | Manager | Shares Held | ∆ Shares | Position Value | % of Fund | QoQ | Status |
|---|---|---|---|---|---|---|---|
| Coatue Management | Philippe Laffont | 11.8M | +3.9M | $2.8B | 5.8% | +49% | Existing |
| Appaloosa LP | David Tepper | 5.0M | +680K | $1.2B | 15.9% | +16% | Existing |
| Baupost Group | Seth Klarman | 3.7M | +625K | $892M | 16.5% | +20% | Existing |
| Viking Global | Andreas Halvorsen | 3.7M | +2.5M | $882M | 2.5% | +210% | Existing |
| ValueAct Holdings | Mason Morfit | 2.9M | +57K | $701M | 12.4% | +2% | Existing |
| Whale Rock Capital | Alex Sacerdote | 2.4M | +628K | $583M | 4.7% | +35% | Existing |
| Altimeter Capital | Brad Gerstner | 2.4M | +336K | $578M | 5.9% | +16% | Existing |
| Glenview Capital | Larry Robbins | 1.3M | +212K | $303M | 6.1% | +20% | Existing |
| Dragoneer | Marc Stad | 1.3M | +1.3M | $303M | 10.7% | — | NEW |
| Duquesne Family Office | Stanley Druckenmiller | 542K | +496K | $129M | 3.0% | >+999% | Existing |
Shares Held and Position Value reflect total quarter-end holdings. ∆ Shares is the change from the prior quarter. % of Fund is the position's share of the fund's reported equity portfolio — it drives the size weighting in the conviction score.
Portfolio Context
Where AMZN ranks in each buying fund's book, and the positions immediately around it. What a holding sits next to often says more about the thesis than the position size does.
position #1 of this fund's book
- 1AMAZON COM INC$1,192M
- 2MICRON TECHNOLOGY INC$1,125M
- 3TAIWAN SEMICONDUCTOR MANUFAC$788M
- 4ALPHABET INC$654M
position #1 of this fund's book
- 1AMAZON COM INC$892M
- 2ELEVANCE HEALTH INC FORMERLY$493M
- 3RESTAURANT BRANDS INTL INC$490M
- 4ALPHABET INC$485M
position #2 of this fund's book
- 1VISA INC$795M
- 2AMAZON COM INC$701M
- 3ROCKET COS INC$656M
- 4BLACKROCK INC$559M
- 5META PLATFORMS INC$516M
position #3 of this fund's book
- 1SPACE EXPLORATION TECHN CORP$1,367M
- 2ADVANCED MICRO DEVICES INC$548M
- 3AMAZON COM INC$303M
- 4INNIO NV$113M
- 5KLARNA GROUP PLC$98M
- 6CEREBRAS SYSTEMS INC$88M
position #5 of this fund's book
- 2CVS HEALTH CORP$499M
- 3TENET HEALTHCARE CORP$418M
- 4THERMO FISHER SCIENTIFIC INC$314M
- 5AMAZON COM INC$303M
- 6AGILENT TECHNOLOGIES INC$262M
- 7DANAHER CORP DEL$218M
- 8META PLATFORMS INC$201M
position #6 of this fund's book
- 3Stmicroelectronics N V$232M
- 4Insmed Inc$152M
- 5Ypf Sociedad Anonima$143M
- 6Amazon Com Inc$129M
- 7Bbb Foods Inc$121M
- 8Alphabet Inc$120M
- 9Ishares Inc$119M
position #6 of this fund's book
- 3ALPHABET INC$856M
- 4TTM TECHNOLOGIES INC$791M
- 5ASTERA LABS INC$757M
- 6AMAZON COM INC$583M
- 7CORNING INC$571M
- 8MKS INC.$566M
- 9CELESTICA INC$539M
position #7 of this fund's book
- 4SPACE EXPLORATION TECHN CORP$3,171M
- 5APPLIED MATLS INC$3,046M
- 6GE VERNOVA INC$3,005M
- 7AMAZON COM INC$2,821M
- 8BROADCOM INC$2,209M
- 9EATON CORP PLC$2,117M
- 10ALPHABET INC$1,735M
position #7 of this fund's book
- 4TAIWAN SEMICONDUCTOR MFG LTD$683M
- 5COREWEAVE INC$605M
- 6ARM HOLDINGS PLC$582M
- 7AMAZON COM INC$578M
- 8UBER TECHNOLOGIES INC$532M
- 9SNOWFLAKE INC$490M
- 10MICROSOFT CORP$473M
position #11 of this fund's book
- 8THERMO FISHER SCIENTIFIC INC$971M
- 9JPMORGAN CHASE & CO$949M
- 10LENNOX INTL INC$912M
- 11AMAZON COM INC$882M
- 12FERRARI N V$817M
- 13CARVANA CO$811M
- 14MCDONALDS CORP$765M
Values are quarter-end position sizes. Shown only for funds where AMZN ranks inside their 40 largest equity positions — below that, neighbouring names carry no signal. Adjacency is an inference about a fund's reasoning, not a disclosure of it.
Signal History
Same issuer appearing in consecutive quarters — persistent institutional conviction. Returns are frozen at each archived quarter's last refresh.
Insider Activity
| Name | Title | Type | Shares | Price | Value | Filed | Src |
|---|---|---|---|---|---|---|---|
| Herrington Douglas J | CEO Worldwide Amazon Stores | SELL | 1K | $251.50 | $0.25M | 2026-10-01 | ↗ |
| Herrington Douglas J | CEO Worldwide Amazon Stores | SELL | 1K | $254.77 | $0.25M | 2026-09-01 | ↗ |
| Zapolsky David | Senior Vice President | SELL | 9K | $259.77 | $2.40M | 2026-08-24 | ↗ |
| Jassy Andrew R | President and CEO | SELL | 8K | $259.61 | $1.95M | 2026-08-21 | ↗ |
| Jassy Andrew R | President and CEO | SELL | 2K | $260.39 | $0.47M | 2026-08-21 | ↗ |
| Garman Matthew S | CEO Amazon Web Services | SELL | 2K | $257.60 | $0.56M | 2026-08-21 | ↗ |
| Garman Matthew S | CEO Amazon Web Services | SELL | 5K | $258.66 | $1.34M | 2026-08-21 | ↗ |
| Garman Matthew S | CEO Amazon Web Services | SELL | 5K | $259.57 | $1.36M | 2026-08-21 | ↗ |
| Garman Matthew S | CEO Amazon Web Services | SELL | 2K | $260.34 | $0.51M | 2026-08-21 | ↗ |
| Herrington Douglas J | CEO Worldwide Amazon Stores | SELL | 2K | $257.77 | $0.47M | 2026-08-21 | ↗ |
| Herrington Douglas J | CEO Worldwide Amazon Stores | SELL | 2K | $258.58 | $0.55M | 2026-08-21 | ↗ |
| Herrington Douglas J | CEO Worldwide Amazon Stores | SELL | 2K | $260.33 | $0.63M | 2026-08-21 | ↗ |
| Zapolsky David | Senior Vice President | SELL | 1K | $257.70 | $0.29M | 2026-08-21 | ↗ |
| Zapolsky David | Senior Vice President | SELL | 2K | $259.63 | $0.55M | 2026-08-21 | ↗ |
| Zapolsky David | Senior Vice President | SELL | 1K | $260.45 | $0.29M | 2026-08-21 | ↗ |
| Olsavsky Brian T | Senior Vice President and CFO | SELL | 6K | $260.31 | $1.61M | 2026-08-21 | ↗ |
| Reynolds Shelley | Vice President | SELL | 675 | $257.77 | $0.17M | 2026-08-21 | ↗ |
| Reynolds Shelley | Vice President | SELL | 780 | $258.58 | $0.20M | 2026-08-21 | ↗ |
| Reynolds Shelley | Vice President | SELL | 888 | $260.33 | $0.23M | 2026-08-21 | ↗ |
| Zapolsky David | Senior Vice President | SELL | 2K | $258.64 | $0.46M | 2026-08-21 | ↗ |
| Jassy Andrew R | President and CEO | SELL | 3K | $257.63 | $0.82M | 2026-08-21 | ↗ |
| Jassy Andrew R | President and CEO | SELL | 7K | $258.67 | $1.93M | 2026-08-21 | ↗ |
| Herrington Douglas J | CEO Worldwide Amazon Stores | SELL | 1K | $262.05 | $0.38M | 2026-08-17 | ↗ |
| Herrington Douglas J | CEO Worldwide Amazon Stores | SELL | 2K | $262.82 | $0.50M | 2026-08-17 | ↗ |
| Herrington Douglas J | CEO Worldwide Amazon Stores | SELL | 400 | $265.09 | $0.11M | 2026-08-17 | ↗ |
| Herrington Douglas J | CEO Worldwide Amazon Stores | SELL | 1K | $278.39 | $0.28M | 2026-08-03 | ↗ |
| BEZOS JEFFREY P | Executive Chair | SELL | 1.2M | $286.41 | $346.45M | 2026-08-03 | ↗ |
| Herrington Douglas J | CEO Worldwide Amazon Stores | SELL | 1K | $239.77 | $0.24M | 2026-07-01 | ↗ |
Beneficial Ownership (13D/13G)
| Filer | Form | Shares | % of Class | Filed | Src |
|---|---|---|---|---|---|
| Vanguard Capital Management | SC 13G | 727.7M | 6.8% | 2026-04-29 | ↗ |
SC 13D = active intent to influence control (10-day filing deadline after crossing 5%). SC 13G = passive accumulation, no intent to influence control.
Congressional Trading
| Member | Chamber | State | Type | Amount Range | Transaction Date | Filed | Src |
|---|---|---|---|---|---|---|---|
| Cory A Booker | senate | — | SELL | $100,001 - $250,000 | 2026-08-11 | 2026-09-09 | ↗ |
| Thomas H. Kean | house | NJ07 | BUY | $1,001 - $15,000 | 2026-07-08 | 2026-08-18 | ↗ |
| Matthew Robert Van Epps | house | TN07 | SELL | $1,001 - $15,000 | 2026-06-16 | 2026-06-17 | ↗ |
| Daniel Crenshaw | house | TX02 | SELL | $1,001 - $15,000 | 2026-06-01 | 2026-07-16 | ↗ |
| Alan Armstrong | senate | — | BUY | $15,001 - $50,000 | 2026-03-27 | 2026-07-21 | ↗ |
Periodic Transaction Reports filed under the STOCK Act. Amounts are disclosed as ranges, not exact dollar figures.