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Pressure Points · April 30 · 5 min

Pressure Points: Amazon 1Q'26 Earnings

Sounds like they’re keeping capex outlook unchanged. Up 48% y/y in CY26 compared to up 59% in CY25. The kicker is outside of AWS, they still have not had their AI moment. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com

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Sounds like they’re keeping capex outlook unchanged. Up 48% y/y in CY26 compared to up 59% in CY25. The kicker is outside of AWS, they still have not had their AI moment.



This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit deepwatermgmt.substack.com
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