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Investment Committee Initiation Memo – New Coverage Company Name: Amazon.com, Inc. Ticker: AMZN Date: January 10, 2026 1. Executive Summary (IC Read-First Page) Business Description Amazon operates as a global leader in e-commerce, cloud computing (via AWS), advertising, subscriptions (Prime), and emerging areas like AI-driven services. It serves consumers, enterprises, governments, and third-party sellers, generating revenue from online retail, AWS subscriptions and usage fees, advertising, a