Morgan Stanley: Amazon Web Services may grow at over 20% in 2026.

Morgan Stanley stated that with the increasing popularity of cloud technology applications and the growth of generative artificial intelligence workloads, as well as the gradual satisfaction of demand with the addition of computing power, Amazon Web Services' growth rate is expected to accelerate to over 20% by 2026. The investment bank believes that this will be a key driver for Amazon's valuation - with a benchmark valuation expectation of $300 per share and an optimistic valuation expectation of $350 per share. Despite falling behind Microsoft Azure in capital expenditure in the past, Amazon Web Services' capital expenditure is currently increasing gradually: capital expenditure is expected to be around $33 billion in 2025 and will continue to grow in 2026.