Amazon's Bears Watch FCF Go Negative But Miss CEO's Lion's Share View

2026-03-27 18:17:08 ET

My Call On Amazon Is Underwater

Amazon ( AMZN ) has underperformed the market for some time. It is not unusual for this stock to behave in this way, as its upward trajectory is more choppy compared to other steady stocks whose compounding is more predictable. As Q1 2026 winds down, I want to come back to this stock because I think it suffers from short-sighted bearish narratives from time to time . In particular, at the end of a month where investors' attention suddenly shifted from AI-capex fears to the Strait of Hormuz and the Iran war, this article was triggered by the news that cloud infrastructure emerges as the quiet winner of the AI boom as it offered me an opportunity to stress-test my bullish rating that I issued when the stock was at $240 (which means that this call is currently underwater by roughly 13%)....

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