AMZN growth story is near ending. Its business actually gets attacked by others.
* Retail: No more sale tax advantage. BestBuy/Target/Walmart will do the price match. A lot of small retails has the price advantage(no sales tax) now.
* Google, IBM, HPQ and Apple and many others are more seriously about cloud computing. Some heavy users may implement its own. NFLX is working on its own.,
* Media contents face a lot of competition from Apple, Google and many new players(comcast, hulu, and whatever will do VOD).
The only way to keep the customers to cut price, which means further lower margin.