Amazon's $200 Billion Capex Bet Is the New Test for AMZN Stock

Amazon's 2025 Form 10-K and Q4 release show AWS reaccelerating, AWS operating income of $45.6 billion, operating cash flow of $139.5 billion, and a 2026 capex plan near $200 billion. The AMZN debate is whether the AI infrastructure bill earns visible returns.