"Profits are independent of investment decisions, at least if a company is not engaged in accounting fraud."

Right or wrong, for good or worse, this author is being deliberately obtuse on this matter.

Amazon generates profits and re-uses them before they're on the books as profits. It's a tactical decision, and the letter of the accounting law doesn't contravene their strategic decision.

If you don't like it, don't buy their stock. They've been at this game for a very long time.. so, it's no surprise.