Analyst: AWS, Amazon's profit darling, may be heading for a slowdown

Seeking Alpha columnist Paulo Santos speculates that Amazon's stock, which has slipped over the past year back to 2018 levels, will be under further downward pressure due to an impending slowdown at its AWS (Amazon Web Services) business. AWS's operating income over the past 12 months was about $23 billion, compared to roughly $13 at Amazon.com (e-commerce). And since AWS sells a lot of services to e-commerce startups which are having a lot harder time getting funding and pulling off IPOs in the current economic environment, Mr. Santos theorizes that AWS is facing rougher times.