> Amazon e-commerce is not all that profitable. Most of Amazon's value comes from AWS. AWS represents 43% of net profit, per the most recently posted quarter.

> Amazon e-commerce is not all that profitable. Most of Amazon's value comes from AWS. AWS represents 43% of net profit, per the most recently posted quarter. It used to be on the order of 75%, but pandemic-related demand for physical products changed all that. Retail is back, baby.