Amazon’s Public Stock Portfolio: Insights from the Latest Filing
Amazon, a name synonymous with e-commerce and cloud computing, also actively manages a substantial public stock portfolio. Like other major institutional investment managers in the United States, it’s obligated to file a Form 13F with the U.S. Securities and Exchange Commission (SEC) every quarter. This filing provides valuable transparency, revealing where Amazon is allocating a portion of its significant capital in publicly traded companies.
In this article, I’ll review Amazon’s current public holdings and explore the strategic rationale behind each investment.
New Holding in Q1 2025
Advanced Micro Devices ($AMD) – Semiconductor manufacturer.
Amazon initiated a new position in AMD during Q1 2025, acquiring approximately $84.5 million worth of shares. AMD designs and manufactures CPUs and GPUs, including its EPYC server processors, which are used in Amazon Web Services (AWS) cloud instances. AWS has partnered with AMD since 2018 to offer EPYC-powered cloud servers, providing Amazon with an alternative to Intel and Nvidia for its data center infrastructure. This new stake likely reflects Amazon’s strategic interest in diversifying and strengthening its AI and cloud hardware supply chain by supporting a key semiconductor partner.
Fully Exited Position in Q1 2025
Twilio ($TWLO) – Cloud communications platform offering APIs for messaging, voice, and more.
Amazon fully exited its position in Twilio during Q1 2025, selling approximately 1.77 million shares. Twilio had previously been held as a strategic investment, as its communication tools complement Amazon’s cloud services by enabling developers to integrate messaging and voice features into their applications. The connection was further underscored by the fact that Twilio’s CEO is a former AWS engineer, highlighting the historical ties between the two companies.
Continuing Public Equity Holdings
Rivian Automotive ($RIVN) – Electric vehicle manufacturer specializing in trucks and vans.
Rivian remains Amazon’s largest public equity holding, making up the majority of its 13F portfolio. Amazon owns over 158 million shares—an estimated 17% stake—acquired through early private investment rounds. This position is highly strategic: Amazon has committed to purchasing 100,000 Rivian electric delivery vans for its logistics fleet as part of its broader sustainability goals. As Rivian’s largest shareholder, Amazon stands to benefit from the company’s financial success while also securing a long-term EV supply for its delivery network.
Air Transport Services Group ($ATSG) – Air cargo leasing and logistics provider.
Amazon holds approximately 12.7 million shares of ATSG, acquired through warrant agreements. Upon full warrant exercise, this translates to a roughly 19% stake. ATSG operates a significant portion of Amazon’s Prime Air cargo jets, with the relationship dating back to a 2016 deal to lease Boeing 767 freighters. This investment is closely tied to Amazon’s push to develop an in-house air logistics network, aligning ATSG’s growth with Amazon’s expanding air freight operations.
Vital Farms ($VITL) – Food company focused on pasture-raised eggs and dairy.
Amazon owns around 1.5 million shares in Vital Farms, representing a roughly 4% stake. The investment was made through Amazon’s subsidiary, Bowie Strategic Investments Inc., which is affiliated with Whole Foods Market. The connection to Vital Farms is strategic: the company supplies ethically sourced eggs and butter to Whole Foods—Amazon’s grocery subsidiary. By investing in a key supplier via Bowie, Amazon strengthens Whole Foods’ supply chain and reinforces its commitment to high-quality, sustainable food products.
Astera Labs ($ALAB) – Semiconductor company specializing in cloud and AI connectivity.
Astera Labs designs high-performance interconnect chips (e.g., PCIe and CXL) for AI and cloud infrastructure. Amazon, through AWS, became an early backer in 2022 via a warrant-based investment. By the end of 2023, Amazon had exercised a portion of its rights, owning approximately 232,500 shares, with the ability to significantly increase its stake. This investment aligns with AWS’s need for cutting-edge data center hardware and gives Amazon early access to a critical supplier of next-generation chips.
Marvell Technology ($MRVL) – Semiconductor firm focused on networking, storage, and infrastructure chips.
Amazon holds a smaller stake in Marvell, with roughly 225,000 shares. The two companies maintain a deep strategic relationship—Marvell supplies custom chips to AWS, including network adapters and AI accelerators, while also using AWS’s cloud infrastructure for its own chip design. This collaboration highlights the mutual dependence between the two companies, and Amazon’s investment likely serves to further solidify the partnership.
Nautilus Biotechnology ($NAUT) – Biotech firm developing a proteomics analysis platform.
Amazon’s interest in Nautilus reflects a broader ambition to expand in health tech and data-intensive life sciences. In 2021, Amazon disclosed a $15 million investment, acquiring around 1.46 million shares. Nautilus’s work in large-scale protein analysis has major implications for drug discovery and diagnostics—areas that require substantial computing power, well-suited to AWS. While unconventional, the investment demonstrates Amazon’s interest in supporting data-heavy biotech companies that could become long-term cloud clients.
SmartRent ($SMRT) – Smart-home automation platform for rental properties.
Amazon, via its Alexa Fund, invested in SmartRent during its 2020 Series C round. SmartRent provides IoT solutions for apartment complexes—such as smart locks and thermostats—aimed at integrating Alexa-enabled technology in multi-family housing. Amazon owns more than 600,000 shares. The stake supports Amazon’s smart home expansion strategy, promoting widespread Alexa and Ring adoption among property managers and tenants.
Owlet ($OWLT) – Maker of smart baby monitors and health wearables.
Owlet’s core product is a “smart sock” that tracks infant vitals. Amazon, through the Alexa Fund, has been a backer since 2016, viewing the company as a natural extension of its smart home and family wellness offerings. Although the current stake is small—roughly 35,000 shares worth under $200,000 as of Q1—the investment symbolizes Amazon’s interest in connected parenting tech. It complements Amazon’s ecosystem, where voice assistants could interface with health-monitoring devices for real-time updates and alerts.
Key Observations
Amazon’s public stock portfolio as of March 31, 2025, demonstrates a clear focus on strategic investments that directly support its core businesses, particularly in logistics (Rivian, ATSG) and cloud infrastructure (AMD, Marvell, Astera Labs) within the United States. The smaller holdings suggest an exploration of emerging technology and consumer market trends. The changes in the portfolio, such as the new significant stake in AMD and the exit from Twilio, indicate an active management strategy aligned with Amazon’s evolving priorities and the broader economic landscape.
This article is for informational purposes only and is neither investment advice nor a solicitation to buy or sell securities. All investment involves inherent risks, including the total loss of principal, and past performance is not a guarantee of future results. Always conduct thorough research or consult with a financial expert before making any investment decisions. BBAE has no position in any investment mentioned.
