Amazon stock rises as AWS growth meets $220 billion AI spend
Published on 11/10/2026 at 16:20 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSAWS growth meets heavier AI spending
- AWS revenue accelerated sharply in the third quarter, while operating income and the operating margin reached new highs.
- Amazon's holiday-quarter forecast puts retail demand, advertising and infrastructure execution at the center of the next investor test.
- Free cash flow remains under pressure as artificial intelligence investment drives higher capital spending.
Amazon stock traded at 243.30 euros on Lang & Schwarz at 16:08 CET on Tuesday, November 10, 1.63 percent above the Xetra close of Monday, November 9. The quote was 4.31 percent above the 233.25 euros recorded in the previous report on Friday, November 6.
That move adds a fresh market signal to an investment debate that remains centered on AWS acceleration and the cost of building artificial intelligence capacity.
What has changed since our last report
Amazon.com Inc. released its third-quarter results on Thursday, October 29, according to the company's official results release. AWS revenue rose 39.3 percent year over year to 46.0 billion US dollars, while AWS operating income reached 17.8 billion US dollars from 11.4 billion US dollars a year earlier.
Group operating income increased 61 percent to 28.1 billion US dollars, lifting the operating margin to a record 13.9 percent. Net income fell to 20.7 billion US dollars, mainly because the year-earlier quarter benefited from a substantial pre-tax gain related to Amazon's Anthropic investment.
AI spending keeps cash in focus
Amazon's operating cash flow rose 29 percent to 168.3 billion US dollars on a trailing-twelve-month basis. Free cash flow, however, swung to an outflow of 42.4 billion US dollars from an inflow of 14.8 billion US dollars a year earlier as property and equipment purchases increased, primarily for artificial intelligence infrastructure.
The company continues to expect cash capital expenditures of approximately 220 billion US dollars for 2026. Chief Executive Andy Jassy said AWS growth should exceed 40 percent in both 2027 and 2028, raising the potential payoff from the spending while also increasing the execution burden.
Holiday quarter sets next test
Amazon expects fourth-quarter net sales of 240.0 billion to 247.0 billion US dollars and operating income of 28.5 billion to 33.5 billion US dollars. Advertising revenue is expected to grow in the high teens, leaving seasonal retail demand and delivery capacity as additional variables for the next earnings assessment.
Amazon.com Inc. stock facts
- Company: Amazon.com Inc.
- ISIN: US0231351067
- Ticker: AMZN
- Home exchange: NASDAQ
- Lang & Schwarz quote: 243.30 euros at 16:08 CET on November 10, 2026
- Xetra close: 239.40 euros on November 9, 2026
Investors are also tracking the S&P 500 as technology shares absorb the competing signals from cloud growth, AI spending and the holiday outlook.
More news and analyses on Amazon stock will follow as the company approaches its next quarterly update.
