(https://www.cnbc.com/2026/08/04/jeff-bezos-just-filed-to-sell-4-billion-in-amazon-the-shares-are-falling.html) to sell $4B in $AMZN following an all-time high. Insiders don't time perfectly, but they do time highs — and the timing here is worth parsing. The CSV shows $AMZN posted $200.6B in quarterly revenue with net margins. But the real vulnerability isn't hyperscaler growth — it's capital intensity.

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