Capex Surge and Strategic InvestmentsThis year, Seattle-based Amazon plans to ramp up its capex to a staggering $200 billion. That’s a $70 billion increase year-over-year.This move is largely attributed to the enhancement of its AWS infrastructure and AI capabilities, Anmuth noted.Such significant investments are expected to temporarily reduce free cash flow (FCF), with projections indicating a potential FCF burn of $36 billion, according to the analyst.However, these investments are seen as necessary to bo ...

As Amazon (NASDAQ: AMZN) stock continues to face increased volatility, with shares plunging after the Q4 2025 earnings report, analysis indicates the equity has dropped to its lowest valuation ever.As of press time, AMZN shares were trading at $207, down 0.43% on the day, while over the past month, Amazon shares have fallen more than 15%.AMZN one-month stock price chart. Source: FinboldAmazon’s stock dropping valuation Notably, analysis shows Amazon’s trailing price-to-earnings ratio has declined to roughly ...

Amazon ( AMZN ) closed Q4’25 in a position of strength with a backlog of $244b for AWS, supporting the firm’s substantial capital budget of $200b for FY26. With AWS continuing to show momentum, inclusive of adoption of its custom silicon, I believe Amazon’s positioning in theMonte Independent Investment Research: Michael Del Monte is a buy-side equity analyst with expertise in the technology, energy, industrials, and materials sectors. Prior to working in the investment management industry, Michael spent ov ...

Core Viewpoint - Amazon.com, Inc. (NASDAQ:AMZN) is recognized as a significant player in the AI sector, with Bank of America reiterating a "Buy" rating based on anticipated returns from AWS capital expenditures (capex) [1][6]. Group 1: AWS Capex and Investment Strategy - Bank of America projects that returns on AWS AI capex will be the primary driver for AMZN's stock performance over the coming years, despite expected quarterly margin volatility due to capacity ramp-up [2]. - Amazon plans to increase its capex by over 50%, from nearly $130 billion in 2025 to a total of $200 billion, primarily focusing on AWS, which exceeds analyst expectations of around $150 billion [2]. Group 2: Competitive Landscape - Amazon's investment strategy is seen as logical given AWS's leading customer and revenue base, positioning the company favorably against competitors in the cloud computing sector [3].

科创板周报 · 科创板 北美四大云巨头 2026 年资本支出仍将大幅增加 ——科创板周报（2.2-2.6） 2026 年 2 月 9 日 核心观点（2.2-2.6） 同时，四大云巨头均表示 2026 年资本支出仍将大幅增加。微软表示，算力需 求仍然强劲，2026 财年资本开支增速将高于 2025 财年，数据中心总规模两年 内翻番，聚焦 AI 算力与云基建。Meta 2026 全年资本支出将在 1150 亿美元 至 1350 亿美元之间；谷歌 2026 全年资本支出将在 1750 亿美元至 1850 亿美 元之间；亚马逊预计全年将投入资本支出约 2000 亿美元。财报发布后，四大 巨头股价均有不同程度的下跌，市场开始担忧投资回报率问题，亚马逊 2026 年的经营现金流无法覆盖资本支出，或将导致现金流赤字。我们认为，2026 年 市场将特别关注 AI 收入增速，AI 能否落地形成商业闭环将成为重中之重。 分析师 吴砚靖 ：wuyanjing@chinastock.com.cn 分析师登记编码：S0130519070001 邹文倩 ：010-80927628 ：zouwenqian@chinastock.com.c ...

证券研究报告 | 公司点评报告 2026 年 02 月 10 日 亚马逊（AMZN.O）25Q4 点评 收入及利润基本符合预期，26 年资本开支指引高于预期 消费品/商业 亚马逊发布 2025Q4 季报及 2025 年报，25Q4 实现营收 2134 亿美元，同比 +14%，实现经营利润 250 亿美元，同比+18%，实现净利润 212 亿美元， YOY+6%，整体基本符合预期；AWS 收入 356 亿美元，YOY+24%，高于一致 预期。2026 年公司指引资本开支预计约 2000 亿美元，远超市场预期，关注后 续需求与产能平衡情况。长期看，亚马逊电商履约配送效率和价格竞争力持续 优化，云业务加速增长，持续加大 AI 投入潜力广阔，维持强烈推荐评级。 投资建议：预计 2026-2028 年集团净利润为 823、994、1187 亿美元，长期 看好公司电商主业稳固竞争力及云业务增长潜力，维持"强烈推荐"评级。 风险提示：宏观经济风险；行业竞争加剧、AI 技术发展不及预期。 财务数据与估值 | 会计年度 | 2024 | 2025 | 2026E | 2027E | 2028E | | --- | --- | ...

智通财经APP获悉，有媒体援引知情人士透露的消息报道称，美国电商与云计算领军者亚马逊 (AMZN.US)计划推出人工智能内容市场(AI content marketplace)。据媒体报道，亚马逊的一些高管成员 们向出版业高管们表示，计划推出一个大型内容市场，出版商们可以在其中向提供人工智能产品的科技 公司们公开报价以出售内容版权。 构建有利于内容版权所有者与AI开发者生态的"双边市场"，提升AWS的战略位置 在亚马逊旗下的全球最大规模云计算巨头AWS正式会议召开之前，AWS已向与亚马逊管理层讨论过此 项目的两名内部消息人士发送了有关内容市场的幻灯片。 媒体援引上述消息人士的话报道称，幻灯片中显示，AWS将内容市场与其核心AI工具/AI开发者生态平 台(包括AWS独家推出的Bedrock和Quick Suite)一同归类，并且具体描述出版商们可以在其业务中广泛使 用的产品时将市场与其核心AI工具/AI开发者生态平台归为一类。 媒体报道指出，出版商和AI相关科技公司正在就使用一些具有独家版权的线上内容的规则进行谈判， 无论是用于训练模型还是为用户生成标准式的AI推理答案，出版商们都在要求基于使用量的具体费 用， ...

6 February 2026 | 12:52AM EST Equity Research Amazon.com Inc. (AMZN) Q4'25 Review: Investments Aimed at Compounded Platform Growth Aligned with Long-Term Strategic Initiatives Around AI & Commerce BUY Eric Sheridan +1(917)343-8683 | eric.sheridan@gs.com Goldman Sachs & Co. LLC Alex Vegliante, CFA +1(212)934-1878 | alex.vegliante@gs.com Goldman Sachs & Co. LLC Emma Huang +1(212)902-7229 | emma.huang@gs.com Goldman Sachs & Co. LLC | AMZN | | --- | | 12m Price Target: $280.00 | | Price: $222.69 | | Upside: 25. ...

February 6, 2026 08:43 AM GMT Amazon.com Inc | North America | M | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | Idea | | | | | | | | | February 6, 2026 08:43 AM GMT | Amazon.com Inc North America | Morgan Stanley & Co. LLC | | | | | | | Brian Nowak, CFA | Equity Analyst | | | | | | | | Investing Behind Strength; | | | | | | | | | Brian.Nowak@morganstanley.com | +1 212 761-3365 | Julian Herrera | | | | | | | Research Associate | Maintain OW | Julian.Herrera@morganstanley.com | +1 212 761 ...

J P M O R G A N North America Equity Research 06 February 2026 Overweight AMZN, AMZN US Price (05 Feb 26):$222.69 ▼Price Target (Dec-26):$265.00 Prior (Dec-26):$305.00 Internet - Large Cap / Mid & Small Cap Doug Anmuth AC (1-212) 622-6571 douglas.anmuth@jpmorgan.com Bryan M. Smilek (1-212) 622-8886 bryan.smilek@jpmorgan.com J.P. Morgan Securities LLC Key Changes (FYE Dec) | | Prev | Cur Δ | | --- | --- | --- | | Adj. EPS - 26E ($) | 11.74 | 9.25 -21.2% | | Adj. EPS - 27E ($) | 13.45 | 11.19 -16.8% | Quarter ...