Amazon's share price, trading near $258.58 with a $2.79 trillion market cap as of October 13, 2026, reflects robust AWS momentum offset by elevated capital expenditures. Second-quarter results showed AWS revenue surging 37% year-over-year to $42.2 billion amid a $496 billion backlog, with most 2027 AI capacity already reserved. Guidance for Q3 operating income of $22.5–26.5 billion and net sales of $197–202 billion precedes the October 29 earnings release, a key near-term catalyst. Traders are weighing accelerating AI-driven demand and operating leverage against $220 billion in 2026 capex, which is compressing free cash flow, while analyst targets cluster around $330 amid a forward P/E near 27.5.