Bezos built Amazon into a $1.8 trillion company, but the real question is: after he leaves, who will keep propping up the valuation? The answer is Andy Jassy—and the approach he chose is completely different from that of the founder. In the Bezos era, it was about the flywheel effect: using e-commerce to drive traffic, Prime memberships to retain customers, and expanding the logistics network. After taking over, Jassy did things in a more straightforward way: turning AWS into the revenue pillar for AI infrastructure, cutting unprofitable experimental projects to focus on the core, and then using advertising—this high-margin cash cow—to fatten the profit-and-loss statement. Compared with the loss-making expansion during the Bezos period, what Jassy delivered was a series of reports showing continuously improving profit margins. After $1.8 trillion, the market is no longer buying the story—it’s buying the certainty of profits and free cash flow. An interesting perspective: a founder-led company prices on imagination, while a professional manager-led company prices on execution and profits—$AMZNB now looks more like the latter. Which pricing logic do you prefer? Let’s talk in the comments.