I've been arguing that Amazon's heroic phase is over. To which you might be asking, "what 'heroic phase'? Amazon's always been a destroyer of industries, values, and communities, an exploiter of underpaid labor and infrastructure it didn't earn." Wow, harsh, imaginary reader! Let's just stipulate that along with all that, there was also an implicit promise that if you had a problem, Amazon had the technical and logistical wherewithal to solve it. It also had the money and the ambition to spend whatever resources and energy were necessary to take on virtually any challenge, and iterate quickly if needed. They might have put your local bookstore (or bookstore chain) out of business, but it wasn't like they didn't replace it with something new, different, and cheaper for the customer. It wasn't just that interest rates were low and growth was easy to invest in: Amazon was a company with revolutionary potential, maybe uniquely so.
You can see the dimming of this potential everywhere in the last few weeks — another massive round of layoffs, the company taking a wait-and-see approach on consumer-facing AI (which might after all be prudent), scaling back customer-friendly benefits like free returns (and even free shipping!), and halting construction on its much-hyped HQ2 project, among others. There are probably over a thousand different cost-cutting measures that suggest Amazon is focused more on near-term profitability and keeping its powder dry rather than investing in cornering new markets or building up capacity.
To pick one example, let's look at the grocery business.
When Amazon purchased Whole Foods in 2017, it seemed prime to disrupt the grocery business like it began to do with books two decades before. Online ordering and same-day delivery were nascent at best: Amazon seemed like the best candidate to change all that.