Amazon's investment in infrastructure, logistics and web service is accelerating market share gains, cash flow growth and continued high return on invested capital. He expects Amazon to be able to leverage its over $12bn in capex investment over the last three years, as it improves capacity utilization and drives increased frequency of purchase and average order value.
The company is beginning to see the share gains, improved sales efficiency, margin upside, and additional customer features as a result of these investments ? such as free next-day shipping for Prime customers and Prime Now. Consistent with our bullish view, management discussed continued strong usage metrics at yesterday?s AWS event as well as new ?all-in? migrations of notable customers
