# Amazon.com, Inc. (AMZN) has outperformed the rest of the hyperscalers to the point that the stock has now re-rated at 34x next year's earnings.

*business · news · 2026-04-27 · Seeking Alpha*

## Key points

- Amazon plans $200B in CapEx for FY26, centered on AWS AI services growth.
- AWS AI services currently account for only 10% of AWS's run rate.
- Amazon's 34x forward earnings multiple now exceeds Alphabet's 29x, despite slower AWS growth versus Google Cloud.
- Analyst downgrades Amazon to Hold, pending further AWS and income guidance improvements.

**Companies:** Amazon.com, Inc.
**Countries:** United States

[Read the full story on Seeking Alpha](https://seekingalpha.com/article/4894719-amazon-q1-200b-in-fy26-capex-for-a-15b-run-rate-story)

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