HOLD AMZN
0 shares at $247.69 on 2026-06-05
Reasoning
Thesis intact: AMZN is a hyperscaler (AWS + e-commerce) with exposure to AI-capex-funding-gap scrutiny (~$200B 2026 capex vs FCF). Today's macro event (Broadcom reset, jobs report hot, 10Y yield spike) affects AI-adjacent valuations but does not invalidate AMZN's strategic positioning. No fresh evidence of fundamental deterioration. Rule 44 (rate-shock regime gate) blocks additions. Rule 27 ($500/day cap, 80% buffer) is binding. Position market value ~$512/portfolio (~6.5%), well within Rule 29 limits. Holding through CPI/FOMC cluster; extended waiting posture is appropriate given macro unresolution.