{
  "generatedAt": "2026-10-22T01:47:05Z",
  "disclaimer": "Analysis and opinion, not investment advice.",
  "kind": "company",
  "slug": "amazon",
  "name": "Amazon",
  "ticker": "AMZN",
  "url": "https://deepstack.ltd/companies/amazon/",
  "api": "https://deepstack.ltd/api/v1/entities/companies/amazon.json",
  "summary": "Amazon is named in 11 Parts of The Buildout, most recently Part 17: The Guarantee Has No Date.",
  "parts": [
    {
      "part": 3,
      "headline": "The Machines Will Work. The Debt Might Not.",
      "url": "https://deepstack.ltd/stories/the-debt-behind-the-machines/"
    },
    {
      "part": 4,
      "headline": "AI Spending Has Met Its First Real Bill",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    },
    {
      "part": 6,
      "headline": "Power Doesn’t Depreciate. Its Premium Moves.",
      "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/"
    },
    {
      "part": 8,
      "headline": "AI Lenders Are Financing the End of Scarcity",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 9,
      "headline": "Habit Was the Moat. Agents Are Draining It.",
      "url": "https://deepstack.ltd/stories/habit-was-the-moat/"
    },
    {
      "part": 10,
      "headline": "The Bubble Is in the Denominator",
      "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 11,
      "headline": "The Backlog Is Not the Quarter",
      "url": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 12,
      "headline": "The Model Is Not the Price",
      "url": "https://deepstack.ltd/stories/the-model-is-not-the-price/"
    },
    {
      "part": 14,
      "headline": "The Cash Arrives Unevenly",
      "url": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/"
    },
    {
      "part": 16,
      "headline": "The Seller Holds the Paper",
      "url": "https://deepstack.ltd/stories/the-seller-holds-the-paper/"
    },
    {
      "part": 17,
      "headline": "The Guarantee Has No Date",
      "url": "https://deepstack.ltd/stories/the-guarantee-has-no-date/"
    }
  ],
  "numbers": [
    {
      "value": "96.1%",
      "label": "Capital spending per dollar of operating cash, Microsoft, Alphabet, Amazon and Meta, second quarter of 2026",
      "context": "SEC XBRL filings, read Oct 12, 2026; DeepStack calculation; 64.8% across 2025",
      "part": 14,
      "url": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/"
    },
    {
      "value": "137.8%",
      "label": "Amazon's purchases of property and equipment against its operating cash, first half of 2026",
      "context": "SEC XBRL filings, read Oct 12, 2026; DeepStack calculation; 94.5% across 2025",
      "part": 14,
      "url": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/"
    },
    {
      "value": "$1.12 trillion",
      "label": "Leases signed but not yet begun at Microsoft, Oracle, Meta, Amazon and Alphabet, mid-2026",
      "context": "DeepStack's sum of the five filings at June 30, 2026 (Oracle at Aug 31, 2026), SEC EDGAR; Moody's counted $662 billion at the end of 2025",
      "part": 17,
      "url": "https://deepstack.ltd/stories/the-guarantee-has-no-date/"
    }
  ],
  "mentions": [
    {
      "part": 3,
      "section": "Credit gets the last word",
      "excerpt": "Amazon is now the index’s fifth-largest issuer, behind only the big four banks.",
      "url": "https://deepstack.ltd/stories/the-debt-behind-the-machines/"
    },
    {
      "part": 4,
      "section": "Defense has a case",
      "excerpt": "Quanta 72 compares Cisco, EMC, Oracle and Sun with Nvidia, Microsoft, Alphabet and Amazon and points to the difference: the dot-com suppliers depended on customers who could stop buying, while today’s spenders fund the buildout from advertising, cloud, software and e-commerce.",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    },
    {
      "part": 4,
      "section": "Arithmetic sets the test",
      "excerpt": "Prof G Markets tallied the immediate bill: Amazon, Google, Microsoft and Meta spent $165 billion on capital spending in three months, up 87 percent from a year earlier and 393 percent from three years earlier.",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    },
    {
      "part": 4,
      "section": "The tape picks winners",
      "excerpt": "AWS grew 37 percent and now supplies more than 60 percent of Amazon’s operating profit, allowing Amazon to raise its guidance and post negative free cash flow without punishment.",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    },
    {
      "part": 6,
      "section": "The megawatt premium",
      "excerpt": "Amazon says every unit of capacity is sold when installed.",
      "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/"
    },
    {
      "part": 8,
      "section": "A shortage with a price",
      "excerpt": "Kris sees Amazon’s cloud unit unable to serve all its AI demand despite heavy orders for Nvidia chips and its own Trainium processors.",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 8,
      "section": "Cash, or a loop",
      "excerpt": "Ed Zitron said Alphabet, Amazon, Meta and Microsoft have together spent over $1 trillion on Nvidia GPUs, mostly to win the business of OpenAI and Anthropic, two companies they also help fund and that both lose heavily.",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 9,
      "section": "Lede",
      "excerpt": "Amazon then blocked it from buying on Amazon, saying it stored customer credentials and scraped account data, according to CNBC.",
      "url": "https://deepstack.ltd/stories/habit-was-the-moat/"
    },
    {
      "part": 9,
      "section": "Habit is not a moat",
      "excerpt": "That is why Amazon’s response matters.",
      "url": "https://deepstack.ltd/stories/habit-was-the-moat/"
    },
    {
      "part": 9,
      "section": "Habit is not a moat",
      "excerpt": "Shopify has no comparable ad business to protect and welcomed Muse; Amazon banned it.",
      "url": "https://deepstack.ltd/stories/habit-was-the-moat/"
    },
    {
      "part": 10,
      "section": "A cheap top",
      "excerpt": "AWS has had more demand for AI capacity than it could supply, Kris of Potential Multibaggers says, despite large Nvidia orders and Amazon’s own chips.",
      "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 10,
      "section": "Who writes the checks",
      "excerpt": "Two customers supplied almost 25% of Anthropic’s 2025 revenue, and Amazon and Google channels carried 47% of its sales.",
      "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/"
    }
  ],
  "sides": [
    {
      "part": 4,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "The current hyperscaler capex boom, with Alphabet, Amazon, Meta, and Microsoft together spending close to $800 billion in 2026, requires external capital funding for the first time because capex now exceeds internal cash flow.",
      "date": "2026-08-27",
      "url": "https://fiscal.ai/fund-letters/hayden-capital-q2-2026-fscl_document_4UXZ6MTS260",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/",
      "sidesUrl": "https://deepstack.ltd/sides/the-market-stops-paying-for-faith/"
    },
    {
      "part": 8,
      "question": null,
      "side": "spending-pays",
      "sideLabel": "The spending pays",
      "claim": "AWS has had more demand than supply, with customers wanting more AWS capacity for AI than could be served despite large Nvidia orders and Amazon's own Trainium chips, and Kris considers this kind of capacity-constrained spending among the best…",
      "date": "2026-09-16",
      "url": "https://www.potentialmultibaggers.com/p/best-buys-now-september-2026",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/",
      "sidesUrl": "https://deepstack.ltd/sides/the-scarcity-is-the-collateral/"
    },
    {
      "part": 8,
      "question": "cash-or-loop",
      "side": "real-cash",
      "sideLabel": "Real cash, real use",
      "claim": "Today's biggest AI infrastructure spenders are large, highly profitable companies like Microsoft, Google, Amazon and Meta, with Microsoft generating more than $55 billion of operating cash flow in its latest quarter and Alphabet roughly $39…",
      "date": "2026-09-07",
      "url": "https://gaetanoresearch.substack.com/p/fiber-optics-boom-bust-how-similar",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/",
      "sidesUrl": "https://deepstack.ltd/sides/the-scarcity-is-the-collateral/"
    },
    {
      "part": 9,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "Andrew Walker suggests that Muse acting as a layer that decides where consumer spend goes is a massive threat and opportunity for retailers, noting as evidence that Amazon banned Muse.",
      "date": "2026-09-28",
      "url": "https://www.yetanothervalueblog.com/p/before-you-fade-muse-use-it-for-72",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/habit-was-the-moat/",
      "sidesUrl": "https://deepstack.ltd/sides/habit-was-the-moat/"
    },
    {
      "part": 9,
      "question": "whose-margin-pays",
      "side": "inertia-businesses",
      "sideLabel": "The inertia businesses",
      "claim": "AI assistants don't need to replicate Amazon's warehouses to pressure Amazon's profits; they only need to become the place where the customer decides what to buy, illustrated by Amazon banning Muse while Shopify, which lacks a comparable scaled ad…",
      "date": "2026-09-29",
      "url": "https://www.a16z.news/p/who-gets-paid-when-ai-does-the-shopping",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/habit-was-the-moat/",
      "sidesUrl": "https://deepstack.ltd/sides/habit-was-the-moat/"
    },
    {
      "part": 10,
      "question": "who-writes-the-checks",
      "side": "not-the-customers-yet",
      "sideLabel": "Not the customers, yet",
      "claim": "Anthropic's customer concentration is a risk for its $2 trillion valuation: nearly a quarter of its 2025 revenue came from two customers and 47% of sales ran through Amazon and Google, which is an acceptable problem for a small company but not for…",
      "date": "2026-10-05",
      "url": "https://www.profgmedia.com/p/americans-are-turning-on-ai-anthropic",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/",
      "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 10,
      "question": "who-writes-the-checks",
      "side": "everyone-soon",
      "sideLabel": "Everyone, soon",
      "claim": "AWS has had more demand than supply, with customers wanting more AWS capacity for AI than could be served despite large Nvidia orders and Amazon's own Trainium chips, and Kris considers this kind of capacity-constrained spending among the best…",
      "date": "2026-09-16",
      "url": "https://www.potentialmultibaggers.com/p/best-buys-now-september-2026",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/",
      "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 11,
      "question": null,
      "side": "funded-not-forecast",
      "sideLabel": "Funded, not forecast",
      "claim": "Unlike Amazon, Google and Microsoft, which had strong free cash flow, strong balance sheets and little or no debt pre-AI era letting them own their datacenters and equipment, Oracle entered the AI era already carrying dozens of billions in debt…",
      "date": "2026-09-24",
      "url": "https://kakashiii111.substack.com/p/oracle-hyperscaler-or-neocloud-a",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/",
      "sidesUrl": "https://deepstack.ltd/sides/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 11,
      "question": null,
      "side": "funded-not-forecast",
      "sideLabel": "Funded, not forecast",
      "claim": "Consensus expects hyperscalers' operating cash flow to more than triple by 2030, outpacing the sharp increase in AI-driven capex, based on FactSet and Apollo Chief Economist sources for Google, Meta, Amazon, Microsoft and Oracle.",
      "date": "2026-09-21",
      "url": "https://www.apollo.com/insights-news/insights/daily-spark/hyperscaler-credit-rests-on-one-consensus-assumption",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/",
      "sidesUrl": "https://deepstack.ltd/sides/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 11,
      "question": null,
      "side": "a-backlog-is-a-promise",
      "sideLabel": "A backlog is a promise",
      "claim": "Amazon's backlog grew from $200 billion at a weighted average life of 3.8 years (September 30, 2025) to $496 billion at a weighted average life of 6.4 years (June 30, 2026), just nine months later, which Michael Burry identifies as the same type of…",
      "date": "2026-09-26",
      "url": "https://michaeljburry.substack.com/p/abridged-capital-cycle-iq-and-forensic",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/",
      "sidesUrl": "https://deepstack.ltd/sides/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 11,
      "question": null,
      "side": "a-backlog-is-a-promise",
      "sideLabel": "A backlog is a promise",
      "claim": "Amazon's free cash flow has gone negative again, roughly negative $8 billion, while combined uncommenced leases and purchase commitments of $267 billion are significant and growing, up 81% over the last nine months, and long-term debt raised jumped…",
      "date": "2026-09-26",
      "url": "https://michaeljburry.substack.com/p/abridged-capital-cycle-iq-and-forensic",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/",
      "sidesUrl": "https://deepstack.ltd/sides/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 12,
      "question": null,
      "side": "the-filing-sets-the-price",
      "sideLabel": "The filing sets the price",
      "claim": "Anthropic's customer concentration is a risk for its $2 trillion valuation: nearly a quarter of its 2025 revenue came from two customers and 47% of sales ran through Amazon and Google, which is an acceptable problem for a small company but not for…",
      "date": "2026-10-05",
      "url": "https://www.profgmedia.com/p/americans-are-turning-on-ai-anthropic",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-model-is-not-the-price/",
      "sidesUrl": "https://deepstack.ltd/sides/the-model-is-not-the-price/"
    },
    {
      "part": 14,
      "question": null,
      "side": "the-cash-still-covers-it",
      "sideLabel": "The cash still covers it",
      "claim": "Anthropic itself is not borrowing the money; it is the hyperscalers (he names Meta, Google, Amazon, Microsoft, Oracle) who are borrowing to use Anthropic's products, so if Anthropic were to go bust, that would be an equity problem rather than a…",
      "date": "2026-09-17",
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/",
      "sidesUrl": "https://deepstack.ltd/sides/the-cash-arrives-unevenly/"
    },
    {
      "part": 14,
      "question": null,
      "side": "the-cash-still-covers-it",
      "sideLabel": "The cash still covers it",
      "claim": "Amazon expects roughly $220 billion in cash CapEx in 2026, up from an earlier $200 billion estimate, driven primarily by higher memory chip costs.",
      "date": "2026-08-11",
      "url": "https://www.investinassets.net/p/why-im-bullish-on-amazon",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/",
      "sidesUrl": "https://deepstack.ltd/sides/the-cash-arrives-unevenly/"
    },
    {
      "part": 14,
      "question": null,
      "side": "the-bill-has-moved-to-debt",
      "sideLabel": "The bill has moved to debt",
      "claim": "The current hyperscaler capex boom, with Alphabet, Amazon, Meta, and Microsoft together spending close to $800 billion in 2026, requires external capital funding for the first time because capex now exceeds internal cash flow.",
      "date": "2026-08-27",
      "url": "https://fiscal.ai/fund-letters/hayden-capital-q2-2026-fscl_document_4UXZ6MTS260",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/",
      "sidesUrl": "https://deepstack.ltd/sides/the-cash-arrives-unevenly/"
    },
    {
      "part": 14,
      "question": null,
      "side": "the-bill-has-moved-to-debt",
      "sideLabel": "The bill has moved to debt",
      "claim": "Hyperscalers including Google, Microsoft, Amazon and Meta funded more than half of compute growth so far but now do not generate cash, spending everything on CapEx and raising debt on top, so for a roughly $3 or $4 trillion 2028 CapEx level the…",
      "date": "2026-08-25",
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/",
      "sidesUrl": "https://deepstack.ltd/sides/the-cash-arrives-unevenly/"
    },
    {
      "part": 14,
      "question": null,
      "side": "the-bill-has-moved-to-debt",
      "sideLabel": "The bill has moved to debt",
      "claim": "Google spent $45 billion and Amazon $54 billion on capital expenditures in a single quarter, and both ended up with negative cash flows despite huge cash intake.",
      "date": "2026-08-11",
      "url": "https://www.profgmedia.com/p/plastic-surgery",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/",
      "sidesUrl": "https://deepstack.ltd/sides/the-cash-arrives-unevenly/"
    },
    {
      "part": 14,
      "question": null,
      "side": "the-bill-has-moved-to-debt",
      "sideLabel": "The bill has moved to debt",
      "claim": "Hyperscaler capex for 2027 tracks as high as 1.2 trillion dollars with about 400 billion of debt issuance penciled for next year; AI-related paper doubled from about 3 percent to 6 percent of the investment-grade index in a year, Amazon became the…",
      "date": "2026-08-09",
      "url": "https://www.junkbondinvestor.com/p/credit-weekly-what-if-they-just-keep",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/",
      "sidesUrl": "https://deepstack.ltd/sides/the-cash-arrives-unevenly/"
    },
    {
      "part": 14,
      "question": null,
      "side": "the-buyers-have-not-paid-yet",
      "sideLabel": "The buyers have not paid yet",
      "claim": "Consensus expects hyperscalers' operating cash flow to more than triple by 2030, outpacing the sharp increase in AI-driven capex, based on FactSet and Apollo Chief Economist sources for Google, Meta, Amazon, Microsoft and Oracle.",
      "date": "2026-09-21",
      "url": "https://www.apollo.com/insights-news/insights/daily-spark/hyperscaler-credit-rests-on-one-consensus-assumption",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/",
      "sidesUrl": "https://deepstack.ltd/sides/the-cash-arrives-unevenly/"
    },
    {
      "part": 16,
      "question": null,
      "side": "two-labs-carry-the-chain",
      "sideLabel": "Two labs carry the chain",
      "claim": "Back-end AI can only look profitable while unusually rich and irrational customers burn billions with no return; Ed Elson estimates OpenAI and Anthropic alone account for 60-80% of AI revenues at Amazon, Google and Microsoft and, per The…",
      "date": "2026-07-07",
      "url": "https://www.profgmedia.com/p/two-red-flags",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-seller-holds-the-paper/",
      "sidesUrl": "https://deepstack.ltd/sides/the-seller-holds-the-paper/"
    },
    {
      "part": 16,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "Anthropic and OpenAI together account for roughly 70% of hyperscaler AI revenue and 25-35% of total cloud revenue, with Microsoft, Amazon, and Google's growth substantially dependent on these two companies.",
      "date": "2026-08-14",
      "url": "https://realeismanplaybook.substack.com/p/the-ai-achilles-heel-why-everything",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-seller-holds-the-paper/",
      "sidesUrl": "https://deepstack.ltd/sides/the-seller-holds-the-paper/"
    },
    {
      "part": 16,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "An Anthropic IPO might be a safer bet than semiconductor or neo-cloud stocks in this climate, because the U.S. needs its frontier model maker and enterprise AI leader, so if Anthropic were ever in serious financial trouble, Nvidia, Amazon and…",
      "date": "2026-10-01",
      "url": "https://www.ai-supremacy.com/p/ai-frontier-google-gemini-4-argon",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-seller-holds-the-paper/",
      "sidesUrl": "https://deepstack.ltd/sides/the-seller-holds-the-paper/"
    },
    {
      "part": 17,
      "question": null,
      "side": "the-lease-is-already-debt",
      "sideLabel": "The lease is already debt",
      "claim": "Steve Eisman supports Jason's dilution worry with figures: Meta's quarterly cash flow was $785 million, Microsoft's was about $19 billion but down roughly 25% year over year, and Amazon's trailing-twelve-month cash flow was negative.",
      "date": "2026-08-17",
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/the-guarantee-has-no-date/",
      "sidesUrl": "https://deepstack.ltd/sides/the-guarantee-has-no-date/"
    },
    {
      "part": 17,
      "question": null,
      "side": "the-lease-is-already-debt",
      "sideLabel": "The lease is already debt",
      "claim": "Hyperscalers including Google, Microsoft, Amazon, and Meta have spent over a trillion dollars in capital expenditure on GPUs, largely to capture revenue from OpenAI and Anthropic, which they themselves continue to fund, creating a closed loop where…",
      "date": "2026-09-09",
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/the-guarantee-has-no-date/",
      "sidesUrl": "https://deepstack.ltd/sides/the-guarantee-has-no-date/"
    },
    {
      "part": 17,
      "question": null,
      "side": "the-cash-flows-cover-it",
      "sideLabel": "The cash flows cover it",
      "claim": "Anthropic itself is not borrowing the money; it is the hyperscalers (he names Meta, Google, Amazon, Microsoft, Oracle) who are borrowing to use Anthropic's products, so if Anthropic were to go bust, that would be an equity problem rather than a…",
      "date": "2026-09-17",
      "url": "https://www.macrovoices.com/1550-macrovoices-550-harley-bassman-in-fed-we-trust",
      "linkVerified": true,
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      "sidesUrl": "https://deepstack.ltd/sides/the-guarantee-has-no-date/"
    },
    {
      "part": 17,
      "question": null,
      "side": "the-cash-flows-cover-it",
      "sideLabel": "The cash flows cover it",
      "claim": "The portfolio is positioned in bonds of highly profitable hyperscaler technology companies (Meta, Alphabet, Amazon, Oracle, SpaceX), taking advantage of wider spreads and lower leverage compared to the broader investment-grade market.",
      "date": null,
      "url": "https://fiscal.ai/fund-letters/harris-associates-oakmark-q3-2026-fscl_document_2QRD4GKW375",
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    {
      "part": 17,
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      "side": "the-weak-link-pays-first",
      "sideLabel": "The weak link pays first",
      "claim": "Unlike Amazon, Google and Microsoft, which had strong free cash flow, strong balance sheets and little or no debt pre-AI era letting them own their datacenters and equipment, Oracle entered the AI era already carrying dozens of billions in debt…",
      "date": "2026-09-24",
      "url": "https://kakashiii111.substack.com/p/oracle-hyperscaler-or-neocloud-a",
      "linkVerified": true,
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      "sidesUrl": "https://deepstack.ltd/sides/the-guarantee-has-no-date/"
    },
    {
      "part": 17,
      "question": null,
      "side": "the-weak-link-pays-first",
      "sideLabel": "The weak link pays first",
      "claim": "The refusal to disclose real AI revenue, with only an easily manipulated ARR figure from Amazon and anecdotes from the rest, is itself a bad sign about the strength of the existing AI businesses.",
      "date": "2026-08-11",
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/the-guarantee-has-no-date/",
      "sidesUrl": "https://deepstack.ltd/sides/the-guarantee-has-no-date/"
    },
    {
      "part": 17,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "Because all compute has to be financed and most compute is contracted well before it is built, players like Meta, Microsoft, Amazon and SpaceX that can build without first finding a customer control the situation, whereas a smaller cloud must…",
      "date": "2026-08-25",
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/the-guarantee-has-no-date/",
      "sidesUrl": "https://deepstack.ltd/sides/the-guarantee-has-no-date/"
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  ],
  "coverage": null,
  "lastUpdated": "2026-10-22",
  "market": {
    "price": 262.37,
    "change": -0.26,
    "changePercent": -0.099,
    "marketCap": 2830001531000,
    "pe": 20.823,
    "nextEarnings": "2026-10-29",
    "exchange": "NASDAQ",
    "currency": "USD",
    "asOf": "2026-10-21T20:00:01.000Z",
    "source": "Financial Modeling Prep",
    "sourceUrl": "https://financialmodelingprep.com",
    "note": "Delayed quotes."
  }
}