For many investors, earnings season represents the highlight of each quarter. Over about six weeks, the most significant companies in the stock market open their books and reveal their performance from the previous three months, offering a valuable snapshot of Wall Street’s overall condition.
However, earnings releases aren’t the sole method for identifying which stocks and sectors are thriving.
Within 45 days after a quarter ends, institutional investors managing at least $100 million in assets must submit Form 13F to the Securities and Exchange Commission. This document enables the public to see which stocks, ETFs, and certain options top Wall Street investors bought or sold during the most recent quarter.
Image source: Amazon.
There is, however, an important detail: 13F filings aren’t just for individuals. Companies with over $100 million in assets under management are also obligated to disclose their holdings through 13F. This includes trillion-dollar giant Amazon ( AMZN 0.39%), which ended the June quarter with assets exceeding $2.4 billion.
Amazon’s reach extends far beyond e-commerce and AWS
Amazon is best known for its dominant e-commerce site, which attracts billions of unique visitors each month. While online retail is a major revenue source and the company’s most visible consumer brand, it’s a relatively low-margin business and doesn’t contribute significantly to overall profits.
Arguably, the most crucial driver behind Amazon’s success is its cloud platform, Amazon Web Services (AWS), which made up 32% of global cloud infrastructure spending in the second quarter, according to tech research firm Omdia.
Although AWS accounted for less than 19% of Amazon’s total net sales in the first half of 2025, it generated nearly 58% of the company’s operating income. The profit margin for AWS is vastly higher than that of Amazon’s online marketplace. AWS has maintained steady, high-teen percentage growth year over year, and the integration of artificial intelligence (AI) is expected to accelerate this growth even further.
Yet Amazon is more than just an online retailer, a cloud leader, and a company with rapidly expanding subscription and advertising businesses. It also invests in some of its partners.
As of June 30, Amazon owned stakes in nine publicly listed companies. Its largest holding comes from an investment made six years ago in electric vehicle maker Rivian Automotive ( RIVN -1.81%). Amazon’s logistics arm also ordered 100,000 electric delivery vans from Rivian. When Rivian went public in 2021, Amazon began reporting its stake through 13F filings.
Although Rivian makes up 89% of the value of Amazon’s investment portfolio, it’s the newest addition to this $2.43 billion collection that’s attracting the most attention.
Image source: Getty Images.
Amazon is betting on Wall Street’s quantum computing favorite
While artificial intelligence has dominated headlines over the past three years, quantum computing stocks have arguably generated even more excitement. Quantum computing leverages quantum mechanics to tackle problems that are beyond the reach of conventional computers. This technology could be especially valuable for advancing drug discovery and enhancing the speed and efficiency of AI systems.
In the 12 months leading up to the close on Oct. 3, quantum computing stocks have delivered the following returns:
- IonQ ( IONQ 0.46%): 696%
- Rigetti Computing: 5,130%
- D-Wave Quantum: 3,460%
- Quantum Computing: 3,630%
Amazon’s 13F for the second quarter reveals that its only purchase was 854,207 shares of IonQ, valued at $36.7 million at the time. If Amazon has held onto these shares, their value would have risen to $62.6 million as of Oct. 3.
Like other trillion-dollar companies such as Nvidia and Alphabet, Amazon tends to invest in its business partners. IonQ fits this pattern perfectly.
Although Amazon’s quantum cloud service, Braket (powered by AWS), is still in its early stages compared to its e-commerce, AWS, Prime, and advertising businesses, it allows clients to access quantum computers for simulations and algorithm execution. Braket utilizes IonQ’s trapped-ion quantum computers, forming the link between Amazon and this rising quantum computing star.
Some analysts predict explosive growth for quantum computing, with Boston Consulting Group estimating the technology could generate $450 billion to $850 billion in economic value by 2040. However, Amazon’s latest investment comes with a hefty valuation.
IonQ’s projected revenue growth is impressive, with sales expected to jump 112% this year compared to last. Still, the company is starting from a small base. Even if revenue quadruples between 2024 and 2026, IonQ’s forward price-to-sales (P/S) ratio stands at a staggering 138.
To complicate matters, IonQ is far from turning a profit. Its operating loss more than doubled to $236.3 million in the first half of 2025 compared to the same period a year earlier. Ongoing high research and development expenses are likely to keep the company unprofitable for the foreseeable future.
Finally, every major technological breakthrough over the past three decades has required time to develop and has experienced an early-stage bubble burst. Both investors and companies often overestimate how quickly new technologies will be adopted or how useful they’ll be in the early years—and it’s highly likely that quantum computing will follow this same pattern.
