Bezos’s repeated sales of $5 billion reinforce bearish sentiment: looming antitrust scrutiny on Amazon’s marketplace practices, which account for 60% of retail revenue, could lead to fines or divestitures, costing billions. AWS growth slowing to 12% (vs. 30% in 2021) and rising AI capex ($20 billion annually) are eroding free cash flow, suggesting investors pause before committing at current valuations.



