Will Anthropic continue to perform? With an ownership stake, Amazon's AI future relies on Anthropic. While Anthropic seems to have quite a bit of momentum, if OpenAI or Google win, then Amazon loses.

$200B Capex with no guarantees. Amazon admits corporate America may not be ready for mainstream AI workloads if pilot projects fail. Let's hope they're wrong about this if their big customers start cooling on AI for any reason.

Why Keep Paying Shopify? While checkout is complex, it's not a guarantee that Shopify will continue to stay relevant in an agentic era. Won't AI agents be able to generate open source software which handles transactions?

Talent Flight. Shopify's continued employee cuts and "AI can do your job" mentality does not exactly endear itself to its employees. Why would the best talent continue to come to Shopify if they could make significantly more elsewhere?

Zero-Click Reality: As Google pushes SGE (Search Generative Experience) to save its market share, will consumers and agents trust it with AI-first traffic over competitors who are not promising ads (hello Anthropic)?

Regulatory Grinding: The DOJ and EU aren't letting up. The risk of a forced "breakup" or massive structural changes to the ad-tech stack is higher than it’s been in a decade.

“Face Computer” Fail: They are spending billions on Quest and Orion glasses, betting the farm that we want to move from screens to faces. If the "Metaverse 2.0" (AR/wearables) doesn't see mass adoption this year, investor patience will finally snap.

The Open-Source Paradox: By championing its open-source Llama model, they’ve commoditized the tech. It's great for the world, but it makes it harder for Meta to build a proprietary "moat" that competitors can't simply copy.

The CapEx Cliff: They are burning billions on compute. The risk is that enterprise "pilots" don't turn into full-scale, profitable contracts fast enough to justify the next $100B data center.

No Clear Business Model: When you have 4 different business models (ads, subscriptions, agentic referral fees, and corporate licenses) you really have none.

The Disintermediation Trap: As Apple and Google bake their own AI into the OS level, OpenAI risks becoming a "plugin" rather than a platform. If you’re a "feature" on someone else’s phone, you don't own the customer relationship.

Losing Sight of Retail. Walmart is transitioning from a "big box" retailer to a high-multiple tech giant, but the stakes are rising. Key risks include a valuation bubble priced for perfection, the threat of AI agents eroding brand loyalty, and margin pressure from subsidizing Walmart+.

Trading Up to Trade Down. To succeed, they must maintain high-income "trade-down" shoppers and scale their advertising flywheel before rising logistics costs and marketplace "catalog rot" undermine their historic market cap.