Cash flow

Amazon’s 10-K: When Scale Becomes Exposure

Amazon’s latest 10-K highlights a core tension: scale is a moat, but it’s also an exposure surface. Revenue sensitivity, FX volatility, cost pressure, capex rigidity, and execution/cyber concentration define the real risk structure.

Inside Microsoft’s 10-Q: When AI Scale Starts to Pressure Cash and Flexibility

Microsoft’s earnings look strong. The 10-Q highlights a different constraint: accelerating AI and cloud investment is absorbing cash faster than flexibility returns.

Meta’s earnings look strong. The real question is where the cash is going.

Meta generates massive cash flows, but its latest 10-Q shows that capital allocation and long-term AI investments are where the real risks now sit.