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Amazon shows how capex-heavy bets can terrify investors yet compound into fortunes. From 1997–2003, Amazon had over $5 billion in cumulative losses amid relentless infrastructure spends—warehouses, servers, logistics—totaling ~$10B adjusted, or 5–6x annual revenues at peaks. In 1999, Amazon’s market cap was approximately $25.7 billion, fell as low as $3.6 billion in 2001 and got … Read more