Where Will Amazon Stock Be in 3 Years?

Amazon's stock has nearly doubled over three years, but future performance hinges on AWS cloud growth and AI investment payoff. While AWS revenue accelerated 28% YoY and AI-related revenue runs above $15B annually, Amazon's planned $200B capex spending in 2026 strains free cash flow. With a P/E ratio in the mid-30s, the premium valuation leaves little room for error, suggesting conservative 10-12% annual returns over the next three years.