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I absolutely love Amazon's business portfolio, each and every one of them.
However, what makes it difficult for me to value their business is their mixed sales growth.
* AWS sales have been growing **17% \~ 24%** YoY for the past 8 quarters.
* North America\* sales have been growing **8% \~ 13%** YoY for the past 12 quarters.
Evidently, two businesses are clearly different in terms of growth.
Did Amazon's IR (or C-level executives) ever mention spinning off AWS?