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Amazon disclosed that its pharmacy business saw a 60% year-over-year increase in customers, with three-hour prescription delivery now available in over 350 cities.
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Wall Street veteran Steve Neamtz says AI capex winners will be identified by measurable returns and revenue growth as spending rises.
Amazon has secured a new $80 billion supplier financing credit facility to support its ongoing infrastructure investments in artificial intelligence.
Elon Musk warned that over 200 neoclouds (companies renting GPU computing power) face potential failure and consolidation as debt markets tighten access to capital. While hyperscalers like SpaceX, Alphabet, and Microsoft maintain investment-grade ratings and cheap capital access, smaller players like CoreWeave face rising bond yields and financing costs. Market consolidation could ultimately benefit stronger players and stabilize the AI infrastructure industry.
Amazon stock fell 1.41% after missing Q3 revenue and earnings expectations, with concerns over heavy AI capital expenditures ($220B planned for 2026) and negative free cash flow of $42.4B over the trailing 12 months. However, AWS grew 39% year-over-year, and the company's $114B in liquidity provides a cushion. The broader market declined with S&P 500 down 2.07% and Nasdaq down 2.86%, while retail competitors Walmart and Costco gained.
The S&P 500 is experiencing its third streak of 25%-plus earnings growth for three consecutive quarters, with Q3 2026 blended growth at 29.5%. Historical analysis shows the previous two similar streaks (2009-2010 and 2021) resulted in opposite outcomes: a 17% gain and a 15% decline respectively. Unlike those rebounds from recessions, the current growth occurs on top of already-strong earnings. Valuations are more reasonable than in 2021, but the article suggests earnings growth alone doesn't determine future market direction.
Alphabet logs its worst week since 2011 and Intel its worst day ever as the AI trade cracks, while health care posts a record month against the market.