The main reason that the analysis is flawed is that Amazon just funnels their profits into R&D which hides it in plain sight. Last year they spend 45 bn USD on R&D which is 10% of their total revenue and double their profit.

It’s not hiding profit, it’s reinvesting in growth… Amazon is saying to investors that they think they can give investors a better return on cash by reinvesting it into Amazon than distributing it to investors to put to work elsewhere.

Are there not tax reliefs on RnD? It is more likely they hide operations as RnD.

I don't think they are. Operations are reported separately.

They are just having R&D 50% bigger than Google.