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Amazon (AMZN) demonstrates accelerating AWS growth and expanding margins, validating its hyperscaler strategy and positioning as an AI infrastructure enabler. AMZN's e-commerce business, often overlooked, is also accelerating, with North America sales up 16% YoY and strong logistics infrastructure driving market share gains. I raise my fair value target to $350/share, reflecting higher AWS margin and growth assumptions, and reiterate a strong buy rating.
Four of the world's five most valuable companies send their shareholders cash every quarter. The fifth is spending more than its operations generate.
Amazon.com, Inc.'s AWS revenue surged 36.7% YoY to $42.2 billion, marking five consecutive quarters of accelerating growth for AMZN despite its enormous scale. AWS backlog reached $496 billion, rising $130 billion QoQ, while 2027 capacity is largely reserved and 2028 demand remains strong. AWS operating margin expanded to approximately 39.4%, strengthening the case that rapidly growing AI workloads can deliver attractive profitability.
Both earnings and revenue growth were the highest since 2021.
Wall Street's love affair with Amazon (NASDAQ:AMZN | AMZN Price Prediction) has rarely looked this one-sided.