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  "documentTitle": "2022 Benedict Evans 2022 The New Gatekeepers",
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  "notes": "The chart highlights the high profitability and low capital intensity of the Ads business compared to AWS and the overall Group.",
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      "text": "Source: Amazon, Benedict Evans. * Amazon reports Group & AWS; assume 60% operating margin for ads, matching Google ads minus TAC. ** Amazon reports approx. 50% of capex going to AWS; assume incremental capex to serve ads is minimal",
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