Amazon reported net sales growth of 13% in the third quarter, with total revenue reaching $180.2 billion. The company’s high-margin cloud business, Amazon Web Services (AWS), saw sales increase by 20% year-over-year, bolstering operating income to $17.4 billion before one‐time charges. AWS continues to command roughly 30% of the global cloud infrastructure market, while advertising revenue, fueled by first-party shopper data and upper-funnel ad placements, exceeded $60 billion year-to-date, marking it as Amazon’s fastest-growing segment.

Amazon has earmarked approximately $125 billion in capital expenditures for 2025, primarily to build AI compute capacity and expand fulfillment automation. The company’s custom silicon chips—Trainium for model training and Inferentia for inference—aim to deliver AI performance at lower cost than third-party alternatives. On the logistics front, Amazon has deployed over one million warehouse robots, targeting up to $4 billion in annual savings and further efficiency gains through a regionalized fulfillment network.

In the third quarter, Riverbridge Partners reduced its Amazon holding by 3.3%, selling over 21,000 shares yet maintaining the stock as its 10th largest position. Mad River Investors initiated a new position of 3,400 shares, representing 0.3% of its portfolio. Insider transactions included CEO Andrew Jassy’s sale of nearly 20,000 shares and Douglas Herrington’s sale of 2,500 shares, the combined transactions reflecting less than a 1% change in their respective holdings.

Founder Jeff Bezos’ late-2023 move from Washington to Florida is estimated to have reduced Washington State’s annual tax revenues by up to $1 billion, against a state budget of approximately $66 billion. Florida’s lack of personal income tax provided Bezos that benefit, a move cited by policymakers as accelerating debates over state tax competitiveness and potential millionaire’s tax proposals in Washington.