Amazon.com

Amazon started as an online bookstore and became the closest thing the internet has to an everything store, but its profits tell a different story than its sales. The retail operation, with its vast logistics network and Prime membership, generates most of the revenue on thin margins, while the real earnings engine is Amazon Web Services, the cloud-computing division that rents servers and software to much of the internet. A fast-growing advertising business has become a third pillar. Jeff Bezos founded the company in 1994, and it is run today from Seattle. Because AWS throws off the bulk of operating income, investors watch its growth rate closely, alongside the health of the consumer and how much Amazon is spending to build out AI infrastructure. The stock is really two companies in one: a low-margin retailer wrapped around a high-margin cloud business.

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