Evercore ISI’s Mark Mahaney Joins ‘Varney & Co.’ to discuss Amazon’s breakthrough AWS growth, its new $335 price target, and why it’s turning cautious on Meta amid rising AI spending.
Shares of Amazon hit an all-time high on Friday, rising more than 9% after strong quarterly results driven by its growing cloud business – AWS – which saw double-digit revenue growth to $30 billion.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 244.22 | +21.36 |
+9.58% |
“AWS is growing at a pace not seen since 2022, accelerating once again to 20.2% year-over-year, our largest growth rate in eleven quarters,” CEO Andy Jassy told investors. He was even more optimistic about future growth.
“The backlog grew to $200 billion at the end of the third quarter and does not include a number of unannounced new deals in October, which together exceed our total deal volume for the entire third quarter. AWS is gaining momentum. Customers want to run their core and AI workloads in AWS, given the stronger functionality, security and operational performance and the scale I see ahead gives me great confidence in what lies ahead,” he added.
Jassy took over the role from then-CEO and co-founder Jeff Bezos in July 2021 and has pushed to expand the tech giant into cloud computing while also keeping its retail operations, including Whole Foods, competitive. Earlier this week, the company announced it was cutting 14,000 corporate jobs.
AMAZON REDUCES 14,000 CORPORATE JOBS
Amazon and Blue Origin founder Jeff Bezos delivers the keynote address at the Air Force Association’s annual Air, Space & Cyber Conference in Oxen Hill, MD, on September 19, 2018. JIM WATSON/AFP via Getty Images (Jeff Bezos) Photographer: David P (JIM WATSON/AFP / David Paul Morris/Bloomberg / iStock)
Amazon’s shares are up about 11%, following the Nasdaq’s 23% rise and the S&P 500’s 16% rise. Still, the last time the stock traded near this level was in February 2025.
READ MORE ETF NEWS AND ANALYSIS
More than 600 exchange-traded funds consider Amazon the largest holding company, according to Seeking Alpha which also listed top leaders.
An AWS – Amazon Web Services advertising board shown in Century Link Field during an NFL game between the Los Angeles Rams and the Seattle Seahawks on October 3, 2019, at Century Link Field in Seattle, WA. (Jeff Halstead/Icon Sportswire via Getty Images/Getty Images)
ETF FLOWS INTO TOP $1 TRILLION AT LIGHT SPEED
ETFs that count Amazon as its largest holding
Global X PureCap MSCI Consumer Discretionary ETF: 34.7% allocation
ProShares Online Retail ETF: 24.5% allocation
Fidelity MSCI Consumer Discretionary Index ETF: 22.6% allocation
Consumer Discretionary Select Sector SPDR Fund: 22.3% allocation
Vanguard Consumer Discretionary ETF: 21.5% allocation
Source: Looking for Alpha
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GXPD | GLOBAL X FDS PURECAP MSCI CONSUMER DISC | 26.95 | +0.97 |
+3.75% |
| ONLN | PROSHARES TRUST ONLINE RETAIL ETF | 60.07 | +1.04 |
+1.76% |
| FDIS | FIDELITY COVINGTON TRUST MSCI CONSUMER DISCRETIONARY | 102.68 | +2.65 |
+2.65% |
| XLY | CONSUMER DISCRETIONARY SELECT SECTOR SPDR ETF | 239.93 | +6.15 |
+2.63% |
| VCR | VANGUARD WORLD FUND CONSUMER DISCRETIONARY ETF | 395.62 | +10.07 |
+2.61% |
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ETFs are having a record year, surpassing inflows of more than $1 trillion in October, a level historically reached around December.
