Amazon shares rose 1.15% to $270.00 as of 9:53 a.m. ET on November 10 after Anthropic priced its IPO range at $70 to $78. A filing disclosed that $579.3 million of Amazon convertible notes will become 276,827,518 Class N shares just before the deal closes, which the filing calls the maximum Amazon can receive without breaching an ownership cap. Amazon put the carrying value of its Anthropic investments at $190.4 billion in a July disclosure and agreed to provide up to $15 billion more financing tied to compute milestones.
Jim Cramer said Monday on CNBC that a slowdown in data center construction works for incumbents, adding "hence why I would buy Amazon." He said he had been talking about the stock going to $300, which he said would represent nearly 10% upside from current levels. Amazon shares have surged 7% since the election, including Monday's intraday gains, after closing at $284 apiece on Aug. 3 and losing more than 15% through the end of October.
Amazon.com shares rose 4.05% to $269.79 in Monday morning trading after JPMorgan's Doug Anmuth named the company a top AI pick on the bank's focus list. Anmuth wrote that Amazon "now expects AWS revenue growth of 40%+ in 2027 & 2028," with AWS reaching $1 trillion in revenue within five to ten years and "improving capex payback." The company said AWS grew 39.3% in the third quarter and that backlog reached $578 billion.
Amazon reported third-quarter earnings per share of $1.89 against the $1.97 analysts expected, while AWS revenue grew 39% to about $46 billion and its operating margin expanded to around 39% from 33% a year earlier. Consolidated operating income jumped 61% to $28.1 billion at a record 13.9% operating margin, and the AWS backlog reached $578 billion. Capital expenditures hit $77B in the quarter, pushing 2026 capex to $220B and creating a $42.4B free cash flow deficit despite $168B operating cash flow.
Amazon shares came under pressure on Thursday amid doubts about the profitability of heavy AI spending, while the stock rose 0,4% on Friday to close at 233,25 €. In the third quarter of 2026, revenue rose 12% year over year to 201,9 Milliarden $, AWS revenue rose 39% to 46,0 Milliarden $, operating profit reached 28,1 Milliarden $ and net profit fell to 20,7 Milliarden $, or 1,89 $ per diluted share. Amazon guided fourth-quarter revenue of 240,0 to 247,0 Milliarden $ and operating profit of 28,5 to 33,5 Milliarden $, and free cash flow over the twelve months to end-September 2026 was minus 42,4 Milliarden $.
Amazon's third-quarter earnings missed estimates slightly, but AWS revenue growth of 39.3% and record operating margins kept analysts bullish, with nearly all of them rating the stock a Buy. Pluang cites a market capitalization of $2.81 trillion as of Nov 06, 2026, with the stock at $262.85, up 1.01%, and volume of 83.7 million shares. The article also cites Jim Cramer warning that rising spending and modest stock gains make tech stocks a risk.
On Amazon's third-quarter earnings call, CEO Andy Jassy said AWS could grow by more than 40% in both 2027 and 2028, driven by significant investments in the platform, and could become a $1 trillion business over the next five to 10 years. AWS grew 39% in the third quarter and its trailing-12-month sales totaled $161 billion. AWS posted a 39% operating margin on operating income of $17.8 billion.
ARK Invest's Cathie Wood bought 348,406 SpaceX shares valued at $47.3 million at current prices and sold 15,750 Amazon shares worth $4.2 million on Wednesday, according to the article. Amazon shares rose 6% that day while SpaceX fell 3.8%.
Amazon closed at $260.21, down 2.19%, as early election-related gains faded amid technology selling and higher yields. Trading volume reached 83.5 million shares, about 117% above its three-month average of 38.5 million shares. Earlier in the session the stock gained after Amazon announced a partnership with Uber giving Prime members free restaurant-delivery benefits through Uber Eats.
Amazon.com and Microsoft shares rose sharply on Wednesday, with the two companies adding a combined $424 billion in market capitalization after the midterm elections. John Belton, a portfolio manager at Gabelli Funds, told MarketWatch that any incremental constraint on future data-center capacity could let incumbent cloud providers such as Amazon raise prices and achieve better margins. Texas Governor-elect Gina Hinojosa campaigned on issuing an immediate moratorium on data-center construction.
Democrats won control of Congress and key governorships such as Texas, Georgia and Ohio in the midterms, an outcome dubbed a 'blue tsunami' that could heighten opposition to AI data centers. Needham analysts said higher regulatory barriers entrench incumbents and raise required returns for new entrants, adding that hyperscalers are AI incumbents. Amazon stock rallied more than 7% to 270.46 in morning trading.
BMO Capital Markets reiterated its Outperform rating on Amazon, raised its target price to $390 from $380 and kept the stock as its Top Pick. BMO noted AWS revenue reached $46 billion, up 39% year over year, the fastest growth in 19 quarters, with a $578 billion backlog growing at a triple-digit rate. It also noted advertising growth decelerated to 12% year over year excluding foreign exchange effects, missing consensus by 6 percentage points due to a Prime Day calendar shift.
