I don't want my data in the hands of my competitors. Amazon is either competing with or threatening to compete with a wide range of organizations.
Whether you are using Azure or AWS, if you’re concerned about your data, you should be encrypting it with customer managed keys.
Netflix is AWS’s largest customer, even though it competes with Amazon Prime Video.
Encryption doesn't hide everything. For example, Amazon could estimate the geographical location of everyone watching Netflix and use that information to determine optimal billboard advertisement locations for it's advertisement campaign.
Netflix's video streams are delivered from devices installed at ISPs.
Their most valuable data: what is being watched, where, by whom, is hidden from Amazon.