$AMZN

This is why $AMZN has always had a superior risk/reward profile among the hyperscalers. $AMZN's exposure to OpenAI risk has been way lower than that of $MSFT and $ORCL. Plus, both $ORCL and $MSFT generate most of their cash flows from software, which is under the threat of disruption by AI. $GOOG has no OpenAI exposure, but its Anthropic exposure is nearly as big as $MSFT's OpenAI exposure, and its search business will surely be under stress as agentic search improves. $AMZN has split its AI exposure between OpenAI and Anthropic, creating a more balanced AI customer portfolio than peers. Plus, none of its businesses are under the threat of disruption by AI. This is why $AMZN is the strongest mega-cap despite growing more slowly than its peers.