Amazon: the capex line has outgrown the revenue it supports

The economics run through capital intensity. When capex grows faster than the revenue it supports, return on invested capital falls even if the revenue line accelerates, and the market usually notices that a year late. Capital intensity is the disclosed number that moved. Capex as a share of revenue roughly doubled over two years while revenue growth decelerated, and no return threshold for the increment has been given. 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. The risk is that the capex earns its return and the disclosure simply lags. That has happened in this sector before and it took two years to become visible.