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"analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/header/metrics/evEbitda" }, { "path": "verdict.summary", "value": "Amazon vend des produits et services de commerce, de publicité, d’abonnement et de cloud via AWS. 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Le BPA n’est donc pas une cadence récurrente.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/verdict/whyAvoid/1" }, { "path": "verdict.whyAvoid.2", "value": "Le capex T2 de 53,1 Md$ et le FCF TTM de -7,6 Md$ rendent la conversion des investissements en trésorerie centrale.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/verdict/whyAvoid/2" }, { "path": "verdict.whyAvoid.3", "value": "Le cours reste sous le déclencheur historique $259.66; une clôture ou un ordre intraday ne constitue pas une nouvelle confirmation.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/verdict/whyAvoid/3" }, { "path": "business.overview", "value": "

Amazon réunit commerce en ligne, services aux vendeurs, publicité, abonnements et AWS. Le 10-Q T2 distingue l’Amérique du Nord, l’international et AWS : le cloud apporte une part plus forte du résultat opérationnel que sa part des ventes. Cette diversification réduit la dépendance à une seule activité, mais concentre aussi le débat sur l’intensité des investissements technologiques.

La lecture utile pour un particulier est double : la croissance AWS dépend de l’usage des clients et des contrats à long terme, tandis que le commerce dépend des prix, de la vitesse de livraison et des coûts de traitement. La croissance observée n’est donc pas une garantie que la marge consolidée suivra la même trajectoire.

Le 10-Q souligne aussi le coût de cette architecture : le capex T2 atteint 53,1 Md$ et le FCF sur douze mois devient négatif. L’investisseur ne peut pas assimiler ce flux à du cash discrétionnaire, car dette, acquisitions et autres engagements restent hors de cette simplification. Le 10-Q indique 28,7 Md$ investis au S1 puis, après le 30 juin, les 21,3 Md$ restants de l’engagement OpenAI, portant le financement constaté à 50 Md$; ce fait remplace l’ancien scénario hypothétique de 50 Md$.

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"/values/fundamentals/rows/1/source" }, { "path": "fundamentals.rows.1.signal", "value": "Trimestre clos juin 2026.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/1/signal" }, { "path": "fundamentals.rows.2.metric", "value": "Résultat net T2", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/2/metric" }, { "path": "fundamentals.rows.2.value", "value": "62,647 Md$", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/2/value" }, { "path": "fundamentals.rows.2.source", "value": "10-Q T2 2026", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/2/source" }, { "path": "fundamentals.rows.2.signal", "value": "Trimestre clos juin 2026.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/2/signal" }, { "path": "fundamentals.rows.3.metric", "value": "Autres produits T2", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/3/metric" }, { "path": "fundamentals.rows.3.value", "value": "53,415 Md$", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/3/value" }, { "path": "fundamentals.rows.3.source", "value": "10-Q T2 2026", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/3/source" }, { "path": "fundamentals.rows.3.signal", "value": "Trimestre clos juin 2026.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/3/signal" }, { "path": "fundamentals.rows.4.value", "value": "50,486 Md$", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/4/value" }, { "path": "fundamentals.rows.4.note", "value": "Composante des autres produits T2.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/4/note" }, { "path": "fundamentals.rows.4.source", "value": "10-Q T2 2026", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/4/source" }, { "path": "fundamentals.rows.4.signal", "value": "Trimestre clos juin 2026.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/4/signal" }, { "path": "fundamentals.rows.5.metric", "value": "AWS ventes T2", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/5/metric" }, { "path": "fundamentals.rows.5.value", "value": "42,232 Md$", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/5/value" }, { "path": "fundamentals.rows.5.note", "value": "+37% annuel.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/5/note" }, { "path": "fundamentals.rows.5.source", "value": "10-Q T2 2026", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/5/source" }, { "path": "fundamentals.rows.5.signal", "value": "Trimestre clos juin 2026.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/5/signal" }, { "path": "fundamentals.rows.6.metric", "value": "AWS résultat opérationnel T2", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/6/metric" }, { "path": "fundamentals.rows.6.value", "value": "16,621 Md$", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/6/value" }, { "path": "fundamentals.rows.6.source", "value": "10-Q T2 2026", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/6/source" }, { "path": "fundamentals.rows.6.signal", "value": "Trimestre clos juin 2026.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/6/signal" }, { "path": "fundamentals.rows.7.metric", "value": "Guidance résultat opérationnel T3", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/7/metric" }, { "path": "fundamentals.rows.7.value", "value": "22,5–26,5 Md$", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/7/value" }, { "path": "fundamentals.rows.7.note", "value": "Fourchette primaire. En excluant Prime Day des deux années, la croissance T3 serait environ 400 pb plus élevée : le décalage de l’événement déprime le taux guidé. L’effet FX défavorable est d’environ 80 pb; aucune promesse de marge.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/7/note" }, { "path": "fundamentals.rows.7.source", "value": "10-Q T2 2026", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/7/source" }, { "path": "fundamentals.rows.7.signal", "value": "Trimestre se terminant septembre 2026.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/7/signal" }, { "path": "fundamentals.rows.8.metric", "value": "Capex T2", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/8/metric" }, { "path": "fundamentals.rows.8.value", "value": "53,1 Md$", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/8/value" }, { "path": "fundamentals.rows.8.note", "value": "Contre 31,4 Md$ un an plus tôt; AWS et fulfillment dominent.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/8/note" }, { "path": "fundamentals.rows.8.source", "value": "10-Q T2 2026", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/8/source" }, { "path": "fundamentals.rows.8.signal", "value": "Trimestre clos juin 2026.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/8/signal" }, { "path": "fundamentals.rows.9.metric", "value": "Capex S1 2026", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/9/metric" }, { "path": "fundamentals.rows.9.value", "value": "96,3 Md$", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/9/value" }, { "path": "fundamentals.rows.9.note", "value": "Contre 55,6 Md$ un an plus tôt.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/9/note" }, { "path": "fundamentals.rows.9.source", "value": "10-Q T2 2026", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/9/source" }, { "path": "fundamentals.rows.9.signal", "value": "Six mois clos juin 2026.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/9/signal" }, { "path": "fundamentals.rows.10.value", "value": "-7,6 Md$", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/10/value" }, { "path": "fundamentals.rows.10.note", "value": "Contre +18,2 Md$ un an plus tôt; ne vaut pas cash discrétionnaire.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/10/note" }, { "path": "fundamentals.rows.10.source", "value": "Exhibit 99.1 T2 2026", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/10/source" }, { "path": "fundamentals.rows.10.signal", "value": "Douze mois clos juin 2026.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/10/signal" }, { "path": "fundamentals.rows.11.value", "value": "123,0 Md$", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/11/value" }, { "path": "fundamentals.rows.11.signal", "value": "Snapshot 12 septembre 2026.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/11/signal" }, { "path": "fundamentals.rows.12.value", "value": "251,6 Md$", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/12/value" }, { "path": "fundamentals.rows.12.signal", "value": "Snapshot 12 septembre 2026.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/12/signal" }, { "path": "fundamentals.rows.13.value", "value": "17.16x", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/13/value" }, { "path": "fundamentals.rows.13.signal", "value": "Snapshot daté du 12 septembre 2026; pas une valorisation forward.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/13/signal" }, { "path": "fundamentals.rows.14.value", "value": "5.02x", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/14/value" }, { "path": "fundamentals.rows.14.signal", "value": "Snapshot daté du 12 septembre 2026; période non précisée; scénario de contrôle sans comparabilité historique.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/14/signal" }, { "path": "fundamentals.rows.15.value", "value": "20.66x", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/15/value" }, { "path": "fundamentals.rows.15.note", "value": "Cours du 11 septembre divisé par BPA GAAP cumulé de $12.43; le T2 inclut un gain de réévaluation.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/15/note" }, { "path": "fundamentals.rows.15.signal", "value": "Période post-publication T2, 31 juillet–11 septembre 2026.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/15/signal" }, { "path": "fundamentals.rows.15.comparison", "value": "Fourchette post-T2 20.26x–22.85x; médiane 21.01x. Ni moyenne de cycle ni objectif.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/15/comparison" }, { "path": "fundamentals.rows.16.value", "value": "27.54x", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/16/value" }, { "path": "fundamentals.rows.16.note", "value": "Au même cours, hypothèse illustrative de BPA = 75% de $12.43 ($9.3225) : ce n’est ni une prévision, ni un nouveau BPA ajusté, ni un retrait net d’impôts Anthropic.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/16/note" }, { "path": "fundamentals.rows.16.signal", "value": "Hypothèse d’illustration datée du 11 septembre 2026.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/rows/16/signal" }, { "path": "fundamentals.sourceRefs.0.name", "value": "Amazon 10-Q T2 2026 — 0001018724-26-000026", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/sourceRefs/0/name" }, { "path": "fundamentals.sourceRefs.0.url", "value": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000026/amzn-20260630.htm", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/sourceRefs/0/url" }, { "path": "fundamentals.sourceRefs.0.date", "value": "2026-07-31", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/sourceRefs/0/date" }, { "path": "fundamentals.sourceRefs.1.name", "value": "Amazon Exhibit 99.1 T2 2026 — 0001018724-26-000024", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/sourceRefs/1/name" }, { "path": "fundamentals.sourceRefs.1.url", "value": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000024/amzn-20260630xex991.htm", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/sourceRefs/1/url" }, { "path": "fundamentals.sourceRefs.1.date", "value": "2026-07-30", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/sourceRefs/1/date" }, { "path": "fundamentals.sourceRefs.2.date", "value": "2026-09-12", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/fundamentals/sourceRefs/2/date" }, { "path": "earnings.quarters.0.quarter", "value": "3Q2025", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/earnings/quarters/0/quarter" }, { "path": "earnings.quarters.0.surprise", "value": "25.2%", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/earnings/quarters/0/surprise" }, { "path": "earnings.quarters.0.revActual", "value": "N/D — revenus détaillés dans le 10-Q", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/earnings/quarters/0/revActual" }, { "path": "earnings.quarters.1.quarter", "value": "4Q2025", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/earnings/quarters/1/quarter" }, { "path": "earnings.quarters.1.surprise", "value": "-0.5%", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/earnings/quarters/1/surprise" }, { "path": "earnings.quarters.1.revActual", "value": "N/D — revenus détaillés dans le 10-Q", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/earnings/quarters/1/revActual" }, { "path": "earnings.quarters.2.quarter", "value": "1Q2026", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/earnings/quarters/2/quarter" }, { "path": "earnings.quarters.2.surprise", "value": "68.2%", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/earnings/quarters/2/surprise" }, { "path": "earnings.quarters.2.revActual", "value": "N/D — revenus détaillés dans le 10-Q", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/earnings/quarters/2/revActual" }, { "path": "earnings.quarters.3.quarter", "value": "2Q2026", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/earnings/quarters/3/quarter" }, { "path": "earnings.quarters.3.surprise", "value": "215.0%", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/earnings/quarters/3/surprise" }, { "path": "earnings.quarters.3.revActual", "value": "N/D — revenus détaillés dans le 10-Q", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/earnings/quarters/3/revActual" }, { "path": "earnings.beatNote", "value": "Le 10-Q T2 rapporte 200,606 Md$ de ventes, 27,461 Md$ de résultat opérationnel et un BPA dilué de $5.75. Ce BPA comprend 53,415 Md$ d’autres produits, dont 50,486 Md$ de réévaluations de sociétés privées; il ne doit donc pas être annualisé comme capacité opérationnelle. La guidance T3 vise 197–202 Md$ de ventes, soit +9% à +12% sur un an, et 22,5–26,5 Md$ de résultat opérationnel. En excluant Prime Day des deux années, la croissance serait environ 400 pb plus élevée; l’effet FX défavorable est d’environ 80 pb. Ces effets de base ne promettent pas une marge. Les données fournisseur indiquent trois surprises positives sur quatre trimestres; après le léger manque T4, les deux derniers trimestres (T1 et T2) forment une série de deux surprises positives. Ce snapshot du 12 septembre n’est pas une preuve de rendement futur. La date de résultats suivante n’est pas confirmée par l’émetteur dans les sources relues; la date officielle reste indisponible, et l’estimation fournisseur ne doit pas être traitée comme un calendrier officiel.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/earnings/beatNote" }, { "path": "earnings.nextEarnings", "value": "Date non confirmée par l’émetteur — estimation fournisseur : 29 octobre 2026", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/earnings/nextEarnings" }, { "path": "earnings.sourceRefs.0.name", "value": "Amazon 10-Q T2 2026 — 0001018724-26-000026", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/earnings/sourceRefs/0/name" }, { "path": "earnings.sourceRefs.0.url", "value": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000026/amzn-20260630.htm", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/earnings/sourceRefs/0/url" }, { "path": "earnings.sourceRefs.0.date", "value": "2026-07-31", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/earnings/sourceRefs/0/date" }, { "path": "earnings.sourceRefs.1.date", "value": "2026-09-12", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/earnings/sourceRefs/1/date" }, { "path": "insiders.insiderPct", "value": "8.87%", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/insiders/insiderPct" }, { "path": "insiders.institutionPct", "value": "68.71%", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/insiders/institutionPct" }, { "path": "insiders.sourceRefs.0.date", "value": "2026-09-12", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/insiders/sourceRefs/0/date" }, { "path": "capitalStructure.sharesOutstanding", "value": "10,786 milliards (snapshot fournisseur, période non précisée)", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/capitalStructure/sharesOutstanding" }, { "path": "capitalStructure.shareHistory", "value": "Le 10-Q indique 10.903 milliards d’actions diluées pondérées au T2, contre 10.769 milliards basiques, soit 134 millions d’effet moyen lié aux awards. Ces moyennes trimestrielles ne sont pas un nombre d’actions pleinement dilué actuel. Le snapshot fournisseur indique 10.786 milliards d’actions courantes, avec période non précisée; il ne doit pas être confondu avec la moyenne diluée du 10-Q. Le 424B5 du 9 septembre est un prospectus préliminaire de quatre séries de dette senior sterling, avec montant, coupon, maturité et règlement non finalisés : il ne permet pas de conclure à une émission finalisée ni à une dilution actions. Le 8-K attribue 4 086 RSU à un administrateur comme rémunération à acquisition future; cela ne permet pas d’estimer une dilution courante. Une série primaire complète de dilution n’a pas été reconstruite.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/capitalStructure/shareHistory" }, { "path": "capitalStructure.sourceRefs.0.name", "value": "Amazon 10-Q T2 2026 — 0001018724-26-000026", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/capitalStructure/sourceRefs/0/name" }, { "path": "capitalStructure.sourceRefs.0.url", "value": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000026/amzn-20260630.htm", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/capitalStructure/sourceRefs/0/url" }, { "path": "capitalStructure.sourceRefs.0.date", "value": "2026-07-31", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/capitalStructure/sourceRefs/0/date" }, { "path": "capitalStructure.sourceRefs.1.date", "value": "2026-09-12", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/capitalStructure/sourceRefs/1/date" }, { "path": "filingsReview.summary", "value": "Cinq documents primaires sont relus : 8-K T2, Exhibit 99.1, 10-Q, 424B5 et 8-K Item 5.02. Item 4 du 10-Q indique que les contrôles de disclosure sont effectifs et qu’aucun changement matériel de l’ICFR n’est intervenu au trimestre; c’est une déclaration de management intermédiaire, pas un audit annuel. Le document ne justifie aucune conclusion going concern à partir du silence des sources lues. Les conclusions de capital de septembre reposent sur le 424B5 et le 8-K Item 5.02, tous deux liés ci-dessous.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/filingsReview/summary" }, { "path": "filingsReview.filings.0.form", "value": "8-K", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/filingsReview/filings/0/form" }, { "path": "filingsReview.filings.0.date", "value": "2026-07-30", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/filingsReview/filings/0/date" }, { "path": "filingsReview.filings.0.accession", "value": "0001018724-26-000024", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/filingsReview/filings/0/accession" }, { "path": "filingsReview.filings.0.finding", "value": "Le 8-K joint le communiqué T2; les chiffres doivent être lus avec le 10-Q, qui sépare résultat opérationnel, résultat net et éléments hors exploitation non récurrents.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/filingsReview/filings/0/finding" }, { "path": "filingsReview.filings.0.url", "value": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000024/amzn-20260730.htm", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/filingsReview/filings/0/url" }, { "path": "filingsReview.filings.1.form", "value": "EX-99.1", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/filingsReview/filings/1/form" }, { "path": "filingsReview.filings.1.date", "value": "2026-07-30", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/filingsReview/filings/1/date" }, { "path": "filingsReview.filings.1.accession", "value": "0001018724-26-000024", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/filingsReview/filings/1/accession" }, { "path": "filingsReview.filings.1.finding", "value": "Le communiqué T2 donne notamment l’OCF TTM de 161,4 Md$ et le FCF TTM de -7,6 Md$, contre +18,2 Md$ un an plus tôt; le FCF négatif ne vaut pas cash discrétionnaire.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/filingsReview/filings/1/finding" }, { "path": "filingsReview.filings.1.url", "value": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000024/amzn-20260630xex991.htm", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/filingsReview/filings/1/url" }, { "path": "filingsReview.filings.2.form", "value": "10-Q", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/filingsReview/filings/2/form" }, { "path": "filingsReview.filings.2.date", "value": "2026-07-31", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/filingsReview/filings/2/date" }, { "path": "filingsReview.filings.2.accession", "value": "0001018724-26-000026", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/filingsReview/filings/2/accession" }, { "path": "filingsReview.filings.2.finding", "value": "Le 10-Q décrit 200,606 Md$ de ventes, les segments AWS, Amérique du Nord et international, la guidance T3, les dépenses d’infrastructure, les réévaluations de sociétés privées et les contrôles de disclosure du trimestre.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/filingsReview/filings/2/finding" }, { "path": "filingsReview.filings.2.url", "value": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000026/amzn-20260630.htm", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/filingsReview/filings/2/url" }, { "path": "filingsReview.filings.3.form", "value": "424B5", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/filingsReview/filings/3/form" }, { "path": "filingsReview.filings.3.date", "value": "2026-09-09", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/filingsReview/filings/3/date" }, { "path": "filingsReview.filings.3.accession", "value": "0001104659-26-106115", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/filingsReview/filings/3/accession" }, { "path": "filingsReview.filings.3.url", "value": "https://www.sec.gov/Archives/edgar/data/1018724/000110465926106115/tm2624614-1_424b5.htm", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/filingsReview/filings/3/url" }, { "path": "filingsReview.filings.4.form", "value": "8-K Item 5.02", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/filingsReview/filings/4/form" }, { "path": "filingsReview.filings.4.date", "value": "2026-09-09", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/filingsReview/filings/4/date" }, { "path": "filingsReview.filings.4.accession", "value": "0001018724-26-000036", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/filingsReview/filings/4/accession" }, { "path": "filingsReview.filings.4.finding", "value": "Kevin R. Mandia rejoint le conseil et les comités Audit et Security; 4 086 RSU acquises en trois tranches constituent une rémunération, pas une opération de financement.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/filingsReview/filings/4/finding" }, { "path": "filingsReview.filings.4.url", "value": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000036/amzn-20260908.htm", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/filingsReview/filings/4/url" }, { "path": "filingsReview.contrarianRisks.2", "value": "Le BPA T2 incorpore des réévaluations de sociétés privées et ne mesure pas seul la performance opérationnelle récurrente.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/filingsReview/contrarianRisks/2" }, { "path": "filingsReview.contrarianRisks.3", "value": "La date de résultats du 29 octobre est une estimation fournisseur et reste à confirmer par Amazon.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/filingsReview/contrarianRisks/3" }, { "path": "shortInterest.siPct", "value": "0.94%", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/shortInterest/siPct" }, { "path": "shortInterest.daysToCover", "value": "2.67", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/shortInterest/daysToCover" }, { "path": "shortInterest.sourceRefs.0.date", "value": "2026-09-12", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/shortInterest/sourceRefs/0/date" }, { "path": "options.maturity", "value": "2026-09-14", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/options/maturity" }, { "path": "options.callOI", "value": "17 121", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/options/callOI" }, { "path": "options.putOI", "value": "9 270", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/options/putOI" }, { "path": "options.cpRatio", "value": "1.85", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/options/cpRatio" }, { "path": "options.maxPain", "value": "$255.00", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/options/maxPain" }, { "path": "options.ivMean", "value": "19.7% (échéance 2026-09-14; cotations suspectes)", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/options/ivMean" }, { "path": "options.sourceRefs.0.date", "value": "2026-09-12", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/options/sourceRefs/0/date" }, { "path": "technicals.badges.0", "value": "RSI 48.9", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/technicals/badges/0" }, { "path": "technicals.badges.2", "value": "Clôture certifiée au 11 septembre", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/technicals/badges/2" }, { "path": "technicals.setupNote", "value": "Le cours $256.78 se situe sous l’EMA vingt séances $257.92 et proche de l’EMA cinquante séances $256.00. Le suivi historique conserve $256.00 comme zone et $246.20 comme stop, mais aucune nouvelle exécution n’est déclarée.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/technicals/setupNote" }, { "path": "technicals.sourceRefs.0.date", "value": "2026-09-12", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/technicals/sourceRefs/0/date" }, { "path": "macro.impact", "value": "Le snapshot de régime du 12 septembre qualifie le contexte courant risk-on; il ne reconstitue pas un état au 11 septembre. Les dépenses d’infrastructure, les taux et la consommation peuvent modifier simultanément AWS et le commerce.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/macro/impact" }, { "path": "macro.sourceRefs.0.date", "value": "2026-09-12", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/macro/sourceRefs/0/date" }, { "path": "risks.riskSummary", "value": "AWS accélère, mais la question pertinente est la conversion du capex en résultat opérationnel et trésorerie. Le bénéfice net T2 comporte un effet de réévaluation hors exploitation qui réduit son utilité comme ancrage de valorisation. Les risques ci-dessous sont des mécanismes et des signaux à suivre, pas des probabilités estimées.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/risks/riskSummary" }, { "path": "risks.riskCards.0.points.0", "value": "Le capex T2 atteint 53,1 Md$, contre 31,4 Md$ un an plus tôt; le S1 atteint 96,3 Md$.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/risks/riskCards/0/points/0" }, { "path": "risks.riskCards.1.points.0", "value": "Le résultat net T2 de 62,647 Md$ inclut 53,415 Md$ d’autres produits.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/risks/riskCards/1/points/0" }, { "path": "risks.riskCards.1.points.1", "value": "Le 10-Q détaille 50,486 Md$ de réévaluations de sociétés privées, à séparer de l’exploitation.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/risks/riskCards/1/points/1" }, { "path": "risks.riskCards.1.verdict", "value": "Le BPA T2 ne peut pas servir seul de base de valorisation; comparer d’abord revenu, résultat opérationnel et composantes hors exploitation.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/risks/riskCards/1/verdict" }, { "path": "risks.riskCards.2.points.0", "value": "Le 10-Q constate 50 Md$ financés pour l’engagement OpenAI : 28,7 Md$ au S1 puis 21,3 Md$ après le 30 juin.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/risks/riskCards/2/points/0" }, { "path": "risks.pedagogy", "value": "Cas contraire à la lecture AWS : malgré +37% de ventes AWS, le FCF TTM est de -7,6 Md$ contre +18,2 Md$ alors que l’OCF TTM atteint 161,4 Md$. Le BPA T2 est gonflé par 50,486 Md$ de réévaluations privées; le P/E GAAP de 20,66x n’est donc pas une valorisation normalisée. La guidance de résultat opérationnel T3, 22,5–26,5 Md$, se compare au T2 à 27,461 Md$ sans lisser la saisonnalité. Un stop théorique ne protège ni du gap, ni du spread ou slippage : le statut watch impose une confirmation observable et un budget de risque.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/risks/pedagogy" }, { "path": "risks.sourceRefs.0.name", "value": "Amazon 10-Q T2 2026 — 0001018724-26-000026", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/risks/sourceRefs/0/name" }, { "path": "risks.sourceRefs.0.url", "value": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000026/amzn-20260630.htm", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/risks/sourceRefs/0/url" }, { "path": "risks.sourceRefs.0.date", "value": "2026-07-31", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/risks/sourceRefs/0/date" }, { "path": "risks.sourceRefs.1.date", "value": "2026-09-12", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/risks/sourceRefs/1/date" }, { "path": "social.sourceRefs.0.date", "value": "2026-09-12", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/social/sourceRefs/0/date" }, { "path": "performance.ytd", "value": "11.25% depuis le 31 décembre 2025", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/performance/ytd" }, { "path": "performance.oneYear", "value": "11.67% sur un an", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/performance/oneYear" }, { "path": "performance.alpha", "value": "Comparaison sur 21 séances, non un alpha : AMZN -3.93% contre GOOGL -1.47% et QQQ -1.22%. Les rendements 5/21 séances des comparables figurent uniquement dans le tableau de propagation.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/performance/alpha" }, { "path": "performance.sourceRefs.0.date", "value": "2026-09-12", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/performance/sourceRefs/0/date" }, { "path": "capitalFlow.sourceRefs.0.date", "value": "2026-09-12", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/capitalFlow/sourceRefs/0/date" }, { "path": "blastRadius.asOf", "value": "2026-09-11", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/blastRadius/asOf" }, { "path": "blastRadius.observationTime", "value": "2026-09-12T18:01:53.695Z", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/blastRadius/observationTime" }, { "path": "blastRadius.window", "value": "17 mars au 11 septembre 2026; 124 rendements logarithmiques pour les seules séries complètes communes.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/blastRadius/window" }, { "path": "blastRadius.contradictions.0", "value": "La croissance AWS de 37% est constructive, mais le capex et le FCF TTM négatif imposent de vérifier la conversion économique.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/blastRadius/contradictions/0" }, { "path": "blastRadius.contradictions.1", "value": "Le résultat net T2 est élevé, mais les réévaluations de sociétés privées empêchent de le lire comme bénéfice opérationnel récurrent.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/blastRadius/contradictions/1" }, { "path": "blastRadius.sourceRefs.0.date", "value": "2026-09-12", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/blastRadius/sourceRefs/0/date" }, { "path": "tradeIdea.entryNote", "value": "Zone historique $254.00–$258.00; confirmation historique $259.66. La géométrie varie avec le prix réellement obtenu et ne relance pas le setup.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/tradeIdea/entryNote" }, { "path": "tradeIdea.stopPct", "value": "-3.83% depuis $256.00; -4.57% depuis $258.00", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/tradeIdea/stopPct" }, { "path": "tradeIdea.tp1Pct", "value": "+7.96% depuis $256.00; +7.13% depuis $258.00", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/tradeIdea/tp1Pct" }, { "path": "tradeIdea.rr", "value": "1:2.08 depuis $256.00; 1.56R depuis $258.00; 1.24R à la confirmation $259.66", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/tradeIdea/rr" }, { "path": "tradeIdea.thesis", "value": "Watch, sans ordre proposé. Le dossier archivé conserve une zone historique à $256.00 et un stop à $246.20, mais le déclencheur historique n’est pas reconfirmé. Une lecture renouvelée des résultats, du capex, du résultat opérationnel et de la liquidité serait nécessaire avant toute exécution; ne pas acheter pour rattraper une seule séance de rebond.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/tradeIdea/thesis" }, { "path": "tradeIdea.catalysts.0", "value": "Résultats et guidance T3 à confirmer par l’émetteur.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/tradeIdea/catalysts/0" }, { "path": "tradeIdea.invalidation.0", "value": "Clôture sous le stop historique $246.20.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/tradeIdea/invalidation/0" }, { "path": "globalScore.profile", "value": "Amazon combine commerce, publicité et AWS. La note fondamentale B est de 72/100 (seuil B : 70–79) : qualité du business 28/35, croissance et mix 18/20, bilan 13/15, visibilité de valorisation 7/20, risque capital et gouvernance 6/10. Cette note fondamentale ne décide pas le watch : le statut watch est distinct et vient du déclencheur historique non reconquis. La fiche privilégie la qualité du résultat opérationnel et l’intensité capitalistique; le résultat net T2 n’est pas extrapolé.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/globalScore/profile" }, { "path": "globalScore.keyTakeawaysPositive.0", "value": "AWS accélère selon le 10-Q.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/globalScore/keyTakeawaysPositive/0" }, { "path": "globalScore.keyTakeawaysNegative.0", "value": "Le résultat net T2 ne doit pas être annualisé.", "as_of": "2026-09-11", "source_artifact": "analyses/AMZN/_data/calculations.json", "source_sha256": "97cf32a6591c2fb498d1b5f8f1f81a38e8e504cb0f9ec1a7b0024ddb21d8922c", "source_pointer": "/values/globalScore/keyTakeawaysNegative/0" } ] }