Amazon revealed that capital expenditure was higher than expected, and e-commerce revenue growth was slowing down; at the same time, sales guidelines during the holiday season showed that it was difficult for the online retail business to recover quickly. Amazon said it invested more than 77 billion US dollars in properties and equipment in the third quarter, far higher than analysts' estimates. The company continued to build data centers to meet demand for artificial intelligence services. High spending led to a free cash outflow of $42.4 billion this quarter. Amazon announced on Thursday that revenue increased 12% year over year to 2019 billion US dollars; the holiday season revenue guidance range was 240 billion to 247 billion US dollars, and analysts expected an average of 244.5 billion US dollars. The revenue growth rate of the cloud business Amazon Web Technology increased for the sixth consecutive quarter, but the core retail business showed signs of weak growth. Online sales revenue grew only 2% to $68.5 billion, the slowest growth rate since the post-pandemic retail downturn in early 2023. AWS's growth accelerated this year, benefiting from orders from AI companies such as OpenAI and Anthropic. Both companies partially rely on the Amazon server operating model. Amazon continues to expand its data center clusters to improve the computing power supply capacity for enterprise customers. Amazon said in July that due to a shortage of memory chips suppressing supply, capital expenditure is expected to rise to 220 billion US dollars in 2026, and Thursday's earnings report maintained that forecast.

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