AWS Growth ConcernsAWS revenue acceleration of only 40 basis points to 19.1% was slightly disappointing, though management noted it is supply constrained.
Competitive PressureThe threat, real or perceived, of Walmart as a scaled competitor in merchant services, specifically logistics and fulfillment, could impact the North America operating income margin recovery story at Amazon.
Operating Income ImpactAmazon announced seller fees would see no inflation in 2025, potentially a $2B headwind to North America operating income and efforts to monetize its extensive network investment.