JPM TECH SKETCH: AMZN Ads an AI Beneficiary, AAPL Price Hikes, APP Down on Boutique Report, AMZN Prime Day Just OK?, BMBL Exploring Relationship, DKNG PM Volumes Scaling

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JPM TECH SKETCH: AMZN Ads an AI Beneficiary, AAPL Price Hikes, APP Down on Boutique Report, AMZN Prime Day Just OK?, BMBL Exploring Relationship, DKNG PM Volumes Scaling

Specialist Sales J P M O R G A N

26 June 2026

NEWS – DESK COLOR – RESEARCH HIGHLIGHTS

AMZN Advertising – An AI Beneficiary:

Doug continues his AMZN series with another note today, this one titled AMZN Advertising – An AI Beneficiary: “We believe

AI/LLMs should further enhance ad ranking & retrieval models while driving higher ROAS/conversions, and we view AI

platform threats as relatively limited. Amazon remains a best idea & on the JPM Analyst Focus List. Our December 2026 PT of

$330 is based on ~32x our 2027E GAAP EPS of $10.38…We expect OpenAI’s initial advertising share gains to come from

experimental budgets rather than taking share of sustained, high ROI-spending from core channels such as GOOG/L,

META, & AMZN. While OpenAI maintains a scaled, engaged user base, commercial intent across agentic platforms is relatively

lower, ad tech is early, and advertisers can only aggregate ad performance data vs. analyzing user information, which could limit

N-T advertiser density, ROAS, and monetization. However, given OpenAI’s leading scale and engagement, strong execution

could ultimately drive increased competition for core budgets if OpenAI can achieve proven conversion rates and ROAS.”

“There is concern that AI agents reduce time spent in virtual stores & shift traditional search traffic, curbing product discovery,

personalization, & cross-selling, thereby dragging on Retail Media advertising. However, we believe overall AI/LLM purchase

intent remains lower than traditional search & e-commerce channels. Instead, we believe AI/ML should continue to improve