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      "text": "Amazon operates two of the world's great, category-defining franchises. AWS is the leading cloud hyperscaler. Amazon.com is the largest global e-commerce retailer with $700B+ GMV.",
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      "text": "AI adoption extends and potentially accelerates AWS's growth runway. 20% growth at $140B run-rate; capacity doubling through 2027.",
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      "text": "Source: Company filings. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
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