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July 04, 2026

Amazon.com, Inc. (AMZN)

Amazon's Vanishing Free Cash Flow Is the Bill for a Booked-Solid Cloud Backlog

Amazon stock has slid back toward the low $240s even as AWS just posted its fastest growth in nearly four years. The bear case is simple and loud: capital spending has swallowed free cash flow. My argument is that this particular cash flow trough is the most defensible one Ama...

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