$Amazon(AMZN.US) - MORGAN STANLEY: AWS GROWTH COULD TOP 20% IN 2026Morgan Stanley says AWS growth may accelerate above 20% in 2026 as new capacity catches up with demand, driven by cloud adoption and generative AI workloads. The bank sees this as a key driver of Amazon’s valuation ($300 base case, $350 bull case). While AWS has lagged Azure in capex, spending is now ramping, with ~$33B expected in 2025 and continued increases into 2026.

Morgan Stanley

Amazon

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Walter Bloomberg