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Most of their net income was from the Rivian investment?

Net income increased to $14.3 billion in the fourth quarter, or $27.75 per diluted share, compared with $7.2 billion, or $14.09 per diluted share, in fourth quarter 2020. Fourth quarter 2021 net income includes a pre-tax valuation gain of $11.8 billion included in non-operating income from our common stock investment in Rivian Automotive, Inc., which completed an initial public offering in November.

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And Rivian is down 41% since Q4 ended... that'll be a big headwind next quarter for Amazon.

I'm pretty sure it does not work that way unless they sell. Rivian's IPO changed the nature of Amazon's investment so that probably triggered the reporting. Now it won't affect the bottom line unless they sell or some other major event occurs.

It actually does work that way. They consider these investments as cash equivalents so they are reported mark to market, which will be a significant paper loss that can offset profits elsewhere and make for an ugly looking quarter.

This and the FB earnings disaster? There's no way the tech sector won't implode this year, just like 2000

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