It's still interesting to me how the value of Anthropic is not reflected in $AMZN. If Ant were to IPO at a $3T valuation, the value of $AMZN's stake in Ant would be 20% of $AMZN's current market cap. A "normal" multiple on AWS + Ant stake gets you to the total current market cap of $AMZN. E-commerce, ad, custom chip, logistics, satellite business, prime subs basically at zero value. I don't think that makes sense. $AMZN is one of my biggest portfolio positions.
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