(https://www.marketwatch.com/story/your-index-fund-is-hiding-a-looming-tech-stock-risk-here-is-how-to-protect-your-portfolio-f4dd1c20) is here and the headlines are screaming record traffic. But volume without pricing power is just velocity masquerading as strength. AMZN's 18.5% free cash flow conversion looks robust, but that's TTM—the real question is whether Q2 and Q3 margins hold when discount penetration on the platform is running at the highest levels we've seen.

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