Amazon.com (AMZN)
Recap: Q1 2026
AWS Reaccelerates to a 15-Quarter High and Custom Silicon Steps Out of AWS's Shadow — Capex Is the Watch Item, Not the Thesis
Flashcap: Q1 2026
AWS Accelerates Again to +28% — OpenAI Signs for 2GW of Trainium and the Demand Side of the $200B Capex Story Finally Lines Up
Recap: Q4 2025
AWS Accelerates Again to +24% — But $200B 2026 Capex Resets the FCF Curve and the Market Spooks; Multiple Compresses Into a Stronger Print
Recap: Q3 2025
AWS Reaccelerates Off the Capacity Wall — +20.2% Print, $200B Backlog, Trainium2 Fully Subscribed, and the Print That Retires the Bear Case
Recap: Q2 2025
Retail Print Is Excellent, AWS Reacceleration Still Three to Four Quarters Out — Capex Plateau at $31B/Quarter Means FCF Compression Now Has Visibility
Recap: Q1 2025
AWS Decelerates Into the AI Capacity Wall — Capex Steps Up, Q2 Op-Inc Guide Lands Below Street, and the Market Asks Who Pays for the Buildout