>Compare Walmart retail to Amazon retail. >AWS and its 30 percent margins are the only thing propping amazon up vs Walmart. In 2023, AWS had 27% margins while

>Compare Walmart retail to Amazon retail. >AWS and its 30 percent margins are the only thing propping amazon up vs Walmart. In 2023, AWS had 27% margins while North American retail had 4% margins for Amazon, but that still meant $15 billion in income from North American retail versus $25 billion in income from AWS. By comparison, Walmart US is operating at a 5% margin with about $22 billion in income. Both companies have worse margins internationally. I agree those numbers make AWS look a bit more attractive, but it doesn't mean they're "the only thing propping amazon up vs Walmart". Walmart is running a bit larger and at slightly better margins, but the difference isn't as stark as you're making it out to be. All numbers were hastily pulled from recent earnings reports, so apologies if I made any sloppy mistakes.