Here’s what could happen to Amazon shares next.

On the earnings call, analysts pushed CEO Andy Jassy for assurances on future returns from this capex boom.

Amazon posted record quarterly revenue and strong cloud growth in Q4 — but its stock fell after the company revealed its capital expenditure plans for 2026.

Amazon's AI opportunities won't play out overnight, but Wall Street analysts estimate the company can grow earnings by nearly 18% annually over the long term. The stock trades at a price-to-earnings ratio of just under 34 today, which is very reasonable given the anticipated growth.

The Seattle-based e-commerce giant reported revenue was up 14% year-over-year to $213.4B, vs. $211.5B consensus. The cloud business was strong again as AWS revenue rose 24% to $35.6B. The headliner was the $200B in capex spending that Amazon ( AMZN) expects for the full year.

Amazon shares slumped Friday, a day after the tech giant missed profit estimates and said it could spend up to $200 billion this year to support its AI goals.

On Thursday, Amazon.com, Inc. (NASDAQ:AMZN) shares slid sharply in after-hours trading despite a fourth-quarter revenue beat. Amazon Beats Q4 Revenue, Guides In Line Amazon reported fourth-quarter net sales of $213.

Microsoft, Nvidia, Oracle, Meta, Amazon and Alphabet all saw their shares fall in the week up to the market close on Thursday.