Amazon.com, Inc. AMZN

Amazon is no longer just the everything store—it’s a services juggernaut where cloud, ads and subscriptions do the heavy profit lifting while the retail arm keeps customers hooked. The moat looks unbreakable for now, the balance sheet is titanium-plated and the best-case AI upside is mouth-watering. Yet you’re also buying a lightning rod for regulators, a capex-hungry giant and a business whose bear-case math is ugly. At today’s price the odds tilt favourable but not screaming—and only investors...