Amazon shares trade near $250 amid robust AWS momentum, with Q2 revenue rising 20% to $200.6 billion and AWS sales surging 37% year-over-year to a $169 billion annualized run rate. Elevated 2026 capital expenditures near $200–220 billion for AI infrastructure continue to weigh on free cash flow, offsetting operating income gains of 43%. Analyst consensus targets cluster around $320–330, reflecting optimism on advertising and cloud growth, though the stock remains below its $287 52-week high. The primary near-term catalyst is the Q3 earnings release scheduled for October 29, which will shape trader views on whether momentum sustains into year-end amid ongoing AI spending and potential regulatory or macroeconomic pressures.