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Any idea as to what the assumptions behind the GMV estimate are?

JPM math for 18e is:

1P Online : $128b
Whole Foods/B&M : $ 18b

3P Online Net : $ 43b
Blended Take Rate : 17%
3P GMV : $255b
Total GMV : $128 + $255 + $18 = $401b

This actually excludes $14 billion of estimated retail-related subscription revenue (Prime+) and several billion of other (especially advertising) 18e revenue, but the GMV number has so much uncertainty in the first place that, you know, whatevs.
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