AMZN ▼ -6.8% - Amazon.com, Inc. $AMZN Compelling Risk/Reward from Current Levels - Goldman PT $370 AMZN’s Q3'26 earnings report featured several key themes: 1) AWS’s revenue growth rate (+39%) & segment GAAP operating margin (39%) exceeded GSe/Street estimates but came in shy of some investor expectations; 2) identifying and characterizing a flywheel effect across the rise/adoption of AI and traditional cloud workloads; 3) custom silicon continues to rise as a competitive advantage; 4) commerce margins continued to make positive upward trajectory progress; & 5) mgmt. expressed rising confidence in the ROIC profile from AI capital investments. Across these takeaways, we came away from the totality of those themes and key points with an increased confidence in our 12-months+ framework for AMZN shares. 30-OCT-2026 06:31 AM ET