Amazon operates a highly diversified and synergistic business model segmented into North America, International, and Amazon Web Services (AWS)6. The company's core economic moat is rooted in immense economies of scale, extensive global logistics infrastructure, and deep technological lock-in via its cloud computing dominance.

The e-commerce and cloud computing industries are currently undergoing a structural transformation driven by generative artificial intelligence and fulfillment regionalization. In the retail sector, Amazon benefits from an insurmountable structural advantage due to its physical fulfillment network. The company recently transitioned its United States fulfillment operations from a national model to a regionalized model comprising 10 localized networks8. This shift has drastically reduced the distance items travel from fu ...