@lhamtil @BrattleStCap In all fairness, $AMZN Capex never really "leveled off".  From 2015-&gt;2019 Capex quadrupled to $20.4Bln. 

Operating CF  grown 3.3x (2.8x if exclude growth in stock compensation). The scale advantage is not visible in these numbers, even though AMZN growth is impressive.