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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.
Amazon plans $200B in CapEx for FY26, centered on AWS AI services growth.
KEY POINTS
- 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
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