1. AWS Cloud Business is the world's number one, a core necessity for enterprises, benefiting from AI computing power, with a deeply entrenched long-term moat
2. The e-commerce foundation is stable, with strong barriers in retail and logistics, and ample cash flow
3. Greater growth potential, with higher long-term return prospects
4. After Bezos's return, the AI and efficiency strategies are clear
- Normal buy-in: $172–$182
- Quality accumulation: $160–$170
- Golden bargain: below $150