Amazon Nears All-Time High Before April 30 Earnings

Amazon shares trade near $250, up 8.5% year to date and within 3% of their all-time high, as investors await Q1 2026 earnings on April 30. AWS AI revenue has hit a $15 billion annualised run rate, growing at triple-digit rates, while the company's custom silicon business has surpassed $20 billion. Amazon's $200 billion 2026 capital expenditure plan remains the central debate, with bears warning of margin compression and bulls pointing to 24% AWS growth in Q4 2025. Wells Fargo and Morgan Stanley hold price targets of $305 and $320 respectively, with a 72-analyst consensus mean target near $291.