Amazon: engagement is being converted rather than grown

This works through ad load rather than through audience. Revenue per user rises as impressions per session rise, and impressions per session are bounded by an engagement budget that does not expand on command. The engagement data undercuts the revenue growth. Time spent per user was flat year over year while impressions per user rose double digits, which is a conversion of existing attention rather than an expansion of it. The position: short on Amazon, entry locked at publication and the exit dated rather than open-ended. The target is stated in the call block above and the horizon with it. Sized to the catalyst rather than to conviction, with the invalidation written into the kill-switch card instead of left implicit. What breaks this is a genuine engagement re-acceleration, which would push the ceiling out far enough to make the load argument irrelevant for several more quarters.