Amazon.com, Inc. (AMZN-Q)

Cloud business is the growth driver, sort of subsidizing the retail operations. Retail margins are much lower, only mid-high single digits. Using automation to try to decrease cost of delivery. Prime memberships provide nice recurring revenue stream. Investing in AI, which will benefit retail. Very well run and focused. Hasn't fully recovered from fears of tariffs impacting volumes.

In her firm's growth equity fund. But the pullback is prompting her to consider it for segregated accounts.

He owns it for their data centre build. 

She is overweight and bought more. Retail stores can't find workers and suffer threat. So, Amazon becomes the only alternative in retail. Their retail business is getting another lift higher now.

This is almost a pure-play tech stock and not expensive at 34x forward PE. They are investing heavily in R&D and developing new businesses. Lessening tariffs in China is another plus. This is cheap now.

Trades at 34x forward PE, with 20% growth rate starting next year. Technicals are positive. Shares are above 200-day MA, which is trending higher. AWS growth is reaccelerating again. Automation is improving margins. Ads are high margin and boosting profitability. Prime membership is its ecosystem, and very powerful.

They have their eye on it and you could buy with a very long term time horizon. However he would wait for a pullback. It has several different businesses, some with very high margins and some with low margins. It is more in the fulfillment business than product selling business by charging a fee for sellers. It shouldn't be hit by tariffs but sellers might. It is not cheap but has an excellent management team along with growth and innovation.

At the time it was cheap on PEG basis, AI play with AWS, growing into all its capital expenditures, economy was looking good. Then tariffs. Now there are headwinds, and it put out softer guidance. Still sees 19% growth, trades at 23x PE. PEG is really not bad for one of the world's best companies. Can probably get it ~$190. Still a winner, more to go.

Growth will be in the cloud computing division and advertising. E-commerce is under-penetrated in overall society, still under 20%. He views this as a logistics business, and it's the best. Prime is awesome, and they've won that game.

Over time, will eke out more profitability. One of his favourite Mag 7 stocks.

It trades at 13x EBITDA vs. 17x historically. They grew retail North American sales by 8%, international by 5%, AWS 17%. Many ways to win here. Is buying any dips.

Have to compete with shipping to the closest store. Unionization threat. E-commerce has pretty slim margins. AWS cloud computing growth isn't what it once was 5-10 years ago -- law of diminishing returns. He likes companies that take care of their staff and customers, and this isn't one of them. Dividend not great. Tariffs will bring lots of volatility to the Mag 7. More of a trade. Not for retirees.

He owns MSFT.

Very positive outlook, based on generative AI trend.

No matter what happens with tariffs, when you think about retail there are no companies more dominant than AMZN, COST and WMT. AMZN is by far at the biggest discount to peers. Also, leading cloud computing in AWS with stable and expanding margins. Best diversification of cashflow.

Whatever the retail environment looks like, they'll win. No dividend.