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Amazon Trades at Lowest Valuation Ever as AI Rally Passes It By
Amazon is trading at its lowest valuation ever as a public company, with its stock at $251 and a trailing price-to-earnings ratio of 20x, even as AI peers hit record highs. Nvidia and AMD have both reached record highs, Meta has surged 23% on Muse AI agent fever, and Microsoft and Google have posted modest gains over the past month, while Amazon is down 2.4% over that same stretch. Amazon now carries the second-lowest trailing P/E ratio among the Magnificent Seven, behind only Alphabet at 17.7 times forward earnings. Investors are taking a wait-and-see approach after the Federal Trade Commission and 22 states sued Amazon in early September, alleging its advertising practices overcharged roughly 1.2 million advertisers by $20 billion from 2019 to the present, a claim Amazon disputes. Lingering concerns about Big Tech AI infrastructure spending are also weighing on the stock, after Amazon said it is expanding its full-year 2026 capital expenditures budget to approximately $220 billion; Evercore ISI analyst Mark Mahaney estimates 2027 capex of $320 billion and 2028 capex of $370 billion, with negative free cash flow of roughly -$50 billion in each of those years.
AMZN · Capital · Negative Amazon is expanding 2026 capex to ~$220 billion with estimates of negative free cash flow around -$50 billion in 2027-2028, fueling AI infrastructure spending concerns.
AMZN · Regulation · Negative FTC and 22 states sued Amazon over advertising practices allegedly overcharging 1.2 million advertisers by $20 billion, weighing on the stock.
AWS Says AI Costs Falling Up To 100x Every Few Months As It Defends $220 Billion Buildout
Amazon Web Services Chief AI and Technology Officer Matt Wood said the cost of delivering a given level of AI intelligence is falling by one or two orders of magnitude every three to six months outside the most advanced frontier models, a decline he attributed to improving efficiency as companies learn to operationalize frontier models at lower cost. Speaking to CNBC on Thursday, Wood rejected the idea that more capable AI agents must become less safe, saying developers can surround models with controls, guardrails, security and privacy protections while still improving the underlying technology, and pushed back on the notion that companies must choose between development speed and safety. Wood also defended AWS's $220 billion infrastructure investment, pointing to customer demand and internal business metrics, and said he expects additional computing capacity and greater operating efficiency to bring AI to more businesses and users. Accelerating AWS growth helped push Amazon above $3 trillion in market value for the first time in August 2026, after second-quarter results showed AWS revenue growing at its fastest pace since 2021; the stock surged more than 15% in one session, adding nearly $400 billion in market value, before gaining as much as another 5.3% as it crossed the threshold. TD Cowen analyst John Blackledge said AWS's AI business exited a quarter at roughly a $25 billion annual run rate, its fifth consecutive quarter of accelerating revenue growth, and pointed to CEO Andy Jassy's view that AWS could eventually generate $1 trillion in revenue, compared with the $600 billion long-term opportunity Jassy discussed in his April shareholder letter. Amazon expects AWS to remain capacity constrained through 2026 and 2027 because of AI demand, even as it plans to double AWS capacity by the end of 2027.
MercadoLibre Q2 2026 GMV Rises 44% to $21.9 Billion on Brazil Strength
MercadoLibre reported second-quarter 2026 gross merchandise volume of $21.9 billion, up 44% year over year and 36% on an FX-neutral basis, with items sold rising 45% to 795.4 million. Brazil remained the primary growth engine, posting 39% FX-neutral GMV growth and a 56% rise in items sold, while Mexico grew 26% FX-neutral despite tax reform and a weaker macroeconomic environment, and Argentina delivered 38% FX-neutral growth. Cross-border trade added another layer, with FX-neutral GMV up 60% and triple-digit growth in Argentina, Brazil and other markets, and the company's China fulfillment center saw volume rise 170% sequentially. Unique active buyers reached 89.3 million, with items sold per buyer up 14% overall. The Zacks Consensus Estimate implies 44.7% year-over-year sales growth for the current fiscal year but a 2.8% decline in earnings per share, and the stock carries a Zacks Rank #4 (Sell).
JD.com Consensus Earnings Estimates Rise as Zacks Rank Holds at #3
JD.com is expected to post earnings of $1.05 per share for the current quarter, a year-over-year change of +101.9%, with the Zacks Consensus Estimate up +3.8% over the last 30 days. For the current fiscal year, the consensus earnings estimate of $3.34 points to a change of +31% from the prior year and has moved +6.7% over the past 30 days, while the next fiscal year's estimate of $3.91 indicates a +16.9% change and has edged up +0.3% over the past month. The consensus sales estimate for the current quarter of $46.07 billion indicates a year-over-year change of +9.7%, and for the current and next fiscal years, $202.54 billion and $213.58 billion estimates indicate +10.3% and +5.5% changes, respectively. In the last reported quarter, JD.com reported revenues of $51.05 billion, up +2.5% year over year and a surprise of -0.96% versus the Zacks Consensus Estimate of $51.55 billion, while EPS of $0.93 compared with $0.69 a year ago for an EPS surprise of +8.14%. The company beat consensus EPS estimates in each of the trailing four quarters and topped consensus revenue estimates two times over that period, and it carries a Zacks Rank #3 (Hold) along with a Zacks Value Style Score of A.
9618.HK · Capital · Positive Consensus earnings estimates for JD.com rose over the last 30 days, with current-quarter EPS expected up +101.9% year over year and the stock holding a Zacks Rank #3.
Hong Kong Q3 share sales hit record $47.5 billion on AI deal boom
Hong Kong share sales raised a record $47.5 billion in the third quarter as Chinese technology companies tapped investors for capital to fund artificial intelligence expansion, Bloomberg reported. Initial public offerings, placements and block trades during the July-to-September period produced the largest fundraising haul ever for those months, pushing the city's total for 2026 above $92 billion and putting Hong Kong within reach of the $112.5 billion annual record set in 2021. Alibaba Group's $10.2 billion follow-on offering was the quarter's largest transaction, while Zhongji Innolight raised almost $8 billion in Hong Kong's biggest listing in nearly seven years. AI model developer Z.AI has raised $9.6 billion this year through its IPO, placements and convertible bonds, and MiniMax, Shanghai Iluvatar CoreX Semiconductor and Shanghai Biren Technology also returned to investors shortly after their IPO lockups expired. The boom spread across Asia-Pacific, where third-quarter share sales exceeded $120 billion, the highest for the period in six years, with India raising a record $26 billion since July on domestic liquidity. Investor appetite is becoming more selective as markets weaken: the MSCI Asia-Pacific Index fell as much as 7% in July amid questions about returns from heavy AI spending, and only two of Hong Kong's 10 largest deals since July are currently trading above their offer prices.
Amazon Sets Up $8 Billion Vehicle for Nvidia Grace Blackwell Chips
Amazon has established an $8 billion special purpose vehicle to buy and lease back Nvidia Grace Blackwell chips to AWS clients, an off balance sheet financing tool for AI hardware as cloud capital demands rise. Morgan Stanley has reinstated Nvidia as a Top Pick, citing its view on AI data center demand and capacity expansion. The Amazon vehicle and the Morgan Stanley call both sit inside a wider Nvidia AI infrastructure story, alongside Nvidia's own US$500 billion ecosystem financing plans. The structure lets AWS keep building AI capacity without stacking all the hardware on its own balance sheet, pointing to new funding structures that can support large orders as AI factories become more capital intensive across cloud and sovereign projects. The clearest early signal on whether the model scales would be other hyperscalers or sovereign AI buyers setting up similar chip vehicles that explicitly name Nvidia hardware, with disclosed sizes and timelines.
AMZN · Capital · Positive Amazon sets up an $8B off-balance-sheet special purpose vehicle to buy and lease back Nvidia Grace Blackwell chips for AWS clients, expanding AI capacity without stacking hardware on its own balance sheet.
NVDA · Demand · Positive Amazon's $8B vehicle explicitly buys Nvidia Grace Blackwell chips, and Morgan Stanley's Top Pick cites AI data center demand and capacity expansion for Nvidia hardware.
MS · Capital · Positive Morgan Stanley reinstated Nvidia as a Top Pick, an analyst valuation call tied to AI data center demand and capacity expansion.
Amazon Says It No Longer Uses NDAs With Government Agencies Amid Data Center Backlash
Amazon Web Services CEO Matt Garman said the company has stopped using nondisclosure agreements in its dealings with government agencies as it seeks approval to build new data centers. The statement came in a blog post in which Garman pushed back against widespread suspicion of data centers, noting that more than 100 data center moratoriums are currently being considered across the United States after New York announced a one-year moratorium on permits for large data centers. Garman argued that direct data center water consumption accounts for only 0.5% of all industrial water usage in the United States, and that where energy rates are rising it is primarily because the grid is old and has not been invested in and expanded before the demand arrived. He also said data center generators are idle 99.9% of the time, running roughly 10 hours per year, and that Amazon has contributed more than $1 billion to communities across the U.S. in which it has a meaningful data center presence over the past three years. Critics remain unconvinced, with an independent watchdog recently blaming data centers for a 76% year-over-year price increase on America's largest electrical grid.
AMZN · Regulation · Neutral AWS says it stopped using NDAs with government agencies and pushes back on data center moratoriums as it seeks approval to build new data centers.
Ollie's Bargain Outlet Opens 700th Store in Maplewood, Minnesota
Ollie's Bargain Outlet Holdings opened its 700th store in Maplewood, Minnesota, extending its closeout retail footprint across the Midwest. The milestone comes alongside the company's September 2 guidance update, which slightly lowered full year net sales expectations while nudging operating income guidance higher. Ollie's is expanding from 658 stores toward more than 1,300 locations, and the company's narrative projects $3.8 billion in revenue and $325.1 million in earnings by 2029. The most optimistic analysts were modeling about US$3.9 billion of revenue and US$332 million of earnings by 2029, against a fair value estimate of $99.93 that implies 13% upside to the current price.
OLLI · Capital · Neutral September 2 guidance slightly lowered full-year net sales expectations while nudging operating income guidance higher.
OLLI · Demand · Positive Ollie's opened its 700th store in Maplewood, Minnesota, extending its closeout retail footprint toward more than 1,300 locations.
Jet2 Fair Value Raised to £16.63 as Analysts Split on Growth and Margins
Analysts have edged their fair value estimate for Jet2 higher, to £16.63 from £15.90, as they reassess the airline's growth and margin outlook. Price targets now cluster between about £12.56 and £20.00, with Kepler Cheuvreux initiating coverage at Buy with a £20.00 target and RBC Capital reaffirming Outperform with a £19.00 target, while Deutsche Bank kept a Hold rating and a £12.56 target. In the updated model, revenue growth shifted from 8.70% to 8.66%, net profit margin assumptions moved from 4.10% to 4.27%, the future P/E adjusted from 9.33x to 9.37x, and the discount rate moved from 10.35% to 10.18%. The spread between the highest and lowest targets points to genuine disagreement over Jet2's risk-reward balance, with execution risks weighed against expansion into new UK bases, digital tools and fleet renewal.
JET2.LSE · Capital · Positive Analysts raised Jet2's fair value estimate to £16.63 from £15.90 and issued Buy/Outperform ratings with higher price targets.
DBK.XETRA · Capital · Neutral Deutsche Bank kept a Hold rating and £12.56 target on Jet2, a passing analyst mention.
Kepler Cheuvreux · Capital · Neutral Kepler Cheuvreux initiated coverage on Jet2 at Buy with a £20.00 target, a passing analyst mention.
Amazon pledges over $1 billion for data center host communities
Amazon on Friday pledged more than $1 billion over five years for US communities that host its data centers, the latest tech giant seeking to win over residents increasingly hostile to the AI-fueled construction boom. The "Built Together" program, unveiled by Amazon Web Services chief Matt Garman in a 3,000-word blog post, will fund free community college degrees and trades training as well as energy-efficiency upgrades for schools and homes. The company also announced a "Data Center Commitment," promising that its facilities will not drive up local electricity bills and that it will publish annual figures on energy and water use. Garman said AWS would stop using nondisclosure agreements with government agencies on its projects, a practice that has become a major flashpoint for the movement opposing data centers; Microsoft made a similar move in March, the first major tech firm to do so. Garman cast the buildout as a national security imperative on par with the 1950s interstate highway system, warning that with more than 100 local moratoriums under consideration nationwide, the United States "could be writing its own losing ticket" in the AI race, and he disputed as false arguments that data centers drive up power costs, deplete water supply and cause pollution from diesel fumes.
Amazon RelayCon 2026 Draws Over 1,000 Carriers as Amazon Expands Relay Programs
Amazon said more than 1,000 carriers gathered in Las Vegas from Sept. 9-11 for RelayCon 2026, double last year's attendance of over 600 transportation professionals and up from more than 500 Relay carriers at the 2024 edition. Amazon expects to move more than 4 million loads through the holidays, with weekly volume reaching 300,000 by December, about 11% more freight than last year. The company said Relay Assistant now resolves common over-the-road issues on the spot, including trailer availability, site closures and basic trip information, and that performance disputes are being resolved 20% faster, with Post A Truck order repeats coming by the end of this year. Amazon expanded its Deals & Discounts program, removing enrollment barriers on the Comdata fuel card program where carriers average about 10% savings, with discounts up to 66 cents a gallon at Petro and 40 cents at Love's, maintenance savings targeted at 15% with Red Classic added as a vendor, and a three-year Ryder leasing option with a 10% discount joining the existing 40% rental discount plus a $10,000 discount on used trucks. Safety rewards expanded with free dash cams for eligible carriers and 2 to 5 cents extra per collision-free mile, up to $14,000 a year, while Amazon Supply Chain Services opened the Relay network to shippers of all sizes and industries, extended contract offers beyond the previous six-month maximum, and grew intermodal, reefer, hostler and less-than-truckload options.
AMZN · Demand · Positive Amazon's Relay network drew 1,000+ carriers and expects to move over 4 million loads with 11% more holiday freight, signaling growing demand for its logistics services.
R · Demand · Positive Ryder joins Amazon's Deals & Discounts program with a three-year leasing option at a 10% discount, expanding its truck leasing reach to Relay carriers.
Love's Travel Stops · Demand · Positive Love's is named as a fuel discount partner offering up to 40 cents a gallon savings to Amazon Relay carriers, driving fuel-stop traffic.
Amazon Pledges $1 Billion to Communities Around AI Data Centers
Amazon is pledging to invest $1 billion into the communities surrounding its AI data centers, a move aimed at easing local opposition to the facilities. Matt Garman, who heads Amazon Web Services, laid out the commitment in a 3,000-word essay, saying the money will go toward things like building out schools in the communities where the company builds data centers. Garman also said Amazon will no longer ask communities to sign non-disclosure agreements, a practice some legislators have discussed banning by law. The discussion comes as state governors tout data centers as job creators, though critics note the facilities are labor-light once construction ends, leaving unions that represent electricians, plumbers, construction builders and HVAC workers supportive of the projects while communities question what remains afterward.
Ollie's Bargain Outlet lowered its fiscal 2026 net sales outlook to $2.928-$2.941 billion from $2.980-$3.000 billion while raising its adjusted earnings guidance to $4.57-$4.65 per share from $4.45-$4.55. The company now expects comparable-store sales of flat to up 0.5%, down from its prior view of about 2% growth, and lifted its gross-margin view to about 41.3% from 40.7%, with operating income projected at $345-$350 million. The reset followed second-quarter fiscal 2026 adjusted earnings of $1.42 per share, up 43.4% year over year and 24.6% above the Zacks Consensus Estimate of $1.14, while net sales rose 9.1% to $741.3 million and missed the $753 million consensus by 1.5%. Comparable-store sales fell 1.8% as average basket size declined, though gross margin expanded 360 basis points to 43.5%, with IEEPA tariff refunds contributing 380 basis points. Ollie's opened 15 stores and closed one storm-damaged location in the quarter, ending with 686 stores across 36 states, and repurchased about $84 million of stock in the quarter and $137.3 million in the first half, with planned share repurchases for the year increased to about $175 million from $125 million.
OLLI · Capital · Neutral Cut sales/comparable-store outlook but raised EPS and gross-margin guidance, with Q2 EPS up 43.4% and buybacks increased to ~$175M.
OLLI · Demand · Negative Comparable-store sales fell 1.8% on lower average basket size and full-year comps guided to flat-to-up 0.5% from ~2%.
Anthropic's draft IPO prospectus shows roughly $110 billion owed to Amazon Web Services over about the next decade, part of $518 billion in total cloud, computing and infrastructure obligations the AI company has planned. Amazon's share traces back to a pledge of more than $100 billion over 10 years and, like most of that total, is owed even if Anthropic's usage falls short, giving Amazon revenue visibility that ordinary pay-as-you-go cloud usage does not. Spread evenly, the AWS portion runs above $10 billion a year, while Anthropic reportedly spent $7.33 billion on all of its suppliers combined in 2025. Amazon has also invested $18 billion in Anthropic through convertible notes and nonvoting preferred stock, with up to $15 billion more available, and those holdings are now carried at about $190 billion, up from about $61 billion at the end of 2025. Second-quarter net income more than tripled to $62.6 billion, with $53.4 billion of pre-tax, non-operating income coming mostly from the Anthropic investments. Separately, Synopsys and AWS announced a multi-year deal worth more than $1 billion under which Amazon's cloud unit will license chip design blueprints, and AWS now offers Claude Sonnet 5.5 through Amazon Bedrock.
AMZN · Capital · Positive Amazon's $18B Anthropic investment (up to $15B more available) is now carried at about $190B, driving $53.4B of pre-tax non-operating income and tripled Q2 net income.
AMZN · Demand · Positive Anthropic's draft IPO filing shows roughly $110B owed to AWS over the next decade, with most obligations owed even if usage falls short, giving Amazon contracted revenue visibility.
SNPS · Demand · Positive Synopsys and AWS announced a multi-year deal worth more than $1B under which Amazon's cloud unit will license Synopsys chip design blueprints.
Amazon Plans $8 Billion Off-Balance-Sheet Move for Nvidia AI Chips
Amazon is planning to shift $8 billion worth of Nvidia AI chips off its balance sheet, according to the Financial Times, by creating a special-purpose vehicle that would own the chips and lease them back to the company. Outside investors would be able to buy into that special-purpose vehicle, a structure the report notes is becoming increasingly common among hyperscalers, though Amazon's move is unusual because it already owns the chips, whereas some competitors made such structured chip investments off balance sheet from the start. The model has drawn pushback, most notably from long-term bear Ed Citrone, who called it the dodgiest and most desperate thing he has seen in the bubble so far. Critics argue the main drawback is reduced transparency, since off-balance-sheet treatment obscures financial commitments and leaves unclear who holds the risk and who is owed what and when. The hosts noted that the debt holders in the special-purpose vehicle, not Amazon, would ultimately bear that risk, though the identity of those buyers is not yet known because the deal has not been done.
AMZN · Capital · Neutral Amazon plans an $8B off-balance-sheet special-purpose vehicle to hold Nvidia AI chips and lease them back, a financing structure that obscures commitments and risk.
NVDA · Demand · Neutral Amazon's $8B chip move involves Nvidia AI chips, but the article does not describe new Nvidia orders or demand, only the financing structure.
AWS to invest over $1 billion in US data center host communities
Amazon's cloud division Amazon Web Services said on the 2nd that it will invest more than $1 billion over the next five years in the US communities that host its data centers. The company said the funds will go toward education and vocational training, easing energy costs, water and energy conservation, and other priority issues. It pushed back against criticism of data centers over their environmental, energy and economic impact, noting that more than 100 moratoriums on data center construction are being considered across the United States. AWS CEO Matt Garman said, "Building out data centers is urgent. The United States is not the only country that recognizes the benefits AI brings to the economy and national security. The countries that lead in AI will set its direction and reap the greatest benefits." AWS also said it aims to return more water to communities than its data centers use by 2030, and that it is 75% of the way toward that goal.
Amazon weighs selling $8 billion of Nvidia chips to investors via special purpose vehicle
The Financial Times reported, citing sources, that Amazon is considering selling advanced Nvidia processing chips worth about $8 billion to outside investors. Amazon has held discussions with investor groups over the past few weeks to gauge interest in such a deal. The plan calls for Amazon to transfer thousands of Grace Blackwell chips into a special purpose vehicle, or SPV, and then sign contracts to lease these advanced AI chips back for use in data centers across the United States. The SPV would raise funds from outside investors mainly through issuing debt, with an equity portion of no more than 10%, and Amazon plans to offer that entire equity stake to outside investors, leaving it with no ownership share in the entity at all. The aim is to remove the assets and expenses from its balance sheet under accounting rules and shift to an asset-light model. The move comes amid a push by major U.S. hyperscalers to find funding approaches that do not weigh on their balance sheets, in order to support continued large-scale data center expansion. Amazon said it plans capital spending of more than $200 billion this year, most of it allocated to its cloud business Amazon Web Services for additional chip purchases and data center construction.
AMZN · Capital · Neutral Amazon weighs an $8B SPV deal to move Nvidia chips off its balance sheet, an asset-light financing move tied to its $200B+ capex plan.
NVDA · Demand · Positive Amazon's plan involves transferring thousands of Grace Blackwell chips into an SPV and leasing them back, implying continued large-scale Nvidia chip purchases.
Amazon weighs moving $8 billion of Nvidia chips into an SPV, offering investors up to 10% equity
Reuters reported that Amazon is considering transferring advanced Nvidia AI chips worth about $8 billion, or roughly 260 billion baht, to investors through a special purpose vehicle, or SPV, to strengthen its balance sheet, according to a Financial Times report citing people close to the matter. Over the past several weeks, Amazon has held discussions with investors to gauge interest in the deal, and it plans to move thousands of Nvidia Grace Blackwell chips currently being installed in its U.S. data centers under the SPV. Under the structure being considered, Amazon would lease these AI chips back from the SPV for its own use, while the SPV would raise money from outside investors through debt issuance, helping Amazon reduce direct ownership of expensive assets and shift its balance sheet toward a more asset-light model. The Financial Times also reported that Amazon plans to offer investors equity of up to 10% in the SPV. The chips covered by the proposal are ones Amazon has bought or leased and are currently installed in more than 12 data centers across five U.S. states, including Nevada and Virginia. The move comes as major technology companies pour enormous sums into building AI infrastructure, especially advanced processing chips and data centers, which require very large capital investments.
AMZN · Capital · Neutral Amazon weighs moving ~$8B of Nvidia chips into an SPV and leasing them back to shift toward an asset-light balance sheet.
NVDA · Demand · Neutral Nvidia Grace Blackwell chips are the assets being placed in the SPV, but the deal concerns Amazon's financing structure rather than new Nvidia orders.
Amazon seeks to offload $8 bln of Nvidia chips to investors
Amazon is seeking to offload about $8 billion of advanced Nvidia chips to external investors, the Financial Times reported on Thursday, citing people familiar with the matter. The company held talks with investors in recent weeks to gauge interest in a deal that would spin off thousands of Grace Blackwell chips into a special purpose vehicle, which would then tap outside investors through debt issuance. Amazon would lease the advanced AI chips, currently used in data centers across the U.S., back from the vehicle, and plans to offer an equity stake of up to 10% in the entity, indicating it will not hold any stake in it. The measure is aimed at strengthening Amazon's balance sheet by unloading expensive chip costs to investors and adopting a more asset-light approach, part of a broader push by U.S. hyperscalers toward less balance-sheet-heavy financing of their massive data center buildout. Amazon said it will spend over $200 billion in capital expenditure this year, a bulk of which will go toward its Web Services cloud unit to buy more chips and build more data centers.
AMZN · Capital · Positive Amazon seeks to offload ~$8B of Nvidia chips into a special purpose vehicle to strengthen its balance sheet and adopt an asset-light financing approach.
NVDA · Demand · Neutral Amazon's chips being spun off are Nvidia Grace Blackwell chips, but the deal concerns financing/offloading rather than new Nvidia orders.
Kasikorn Securities Expects ADVICE Q3 Profit to Surge 84%, Sets Target at 8.82 Baht
Kasikorn Securities states that Advice IT Infinite Public Company Limited, or ADVICE, is likely to post sales and gross margin in the third quarter of 2026 above target. The company expects third-quarter 2026 sales to grow more than 20% year on year, above its original target of 17% year on year, driven by strong demand across all product groups, with IT products expected to grow more than 10% year on year and Apple and Android products expected to grow in the double digits year on year. Gross margin is expected at 11.0–11.5%, above the company's original target of 10.5%, supported by margin gains in memory products, especially VGA graphics cards, whose prices have roughly doubled year on year. The research team estimates third-quarter 2026 profit at 120 million baht, up 84% year on year but down 12% quarter on quarter, bringing first-nine-month 2026 profit to 374 million baht, up 83% year on year, or 86.4% of the full-year 2026 profit forecast of 433 million baht. It maintains a Buy rating with a mid-2027 target price of 8.82 baht and sees an attractive re-entry point at 6.50 baht or below.
Amazon seeks to offload $8B of Nvidia chips to outside investors
Amazon is seeking to offload about $8B of advanced Nvidia chips to external investors through a new special-purpose vehicle, the Financial Times reported on Friday. The move would place thousands of Grace Blackwell chips across more than a dozen US data centers into a special-purpose vehicle funded by outside investors, according to people familiar with the matter. The structure would let Amazon keep using the hardware while adopting a more asset-light financing model, and the vehicle could issue debt and sell up to a 10% equity stake to investors. The decision aims to improve the tech group's balance sheet health as AI spending soars, the report said, adding that the e-commerce giant has held talks with investors in recent weeks.
AMZN · Capital · Positive Amazon is offloading ~$8B of Nvidia chips into an outside-funded SPV to adopt an asset-light model and improve balance-sheet health as AI spending soars.
NVDA · Demand · Neutral Amazon's plan involves thousands of Grace Blackwell chips, but the article is about financing/offloading them rather than new Nvidia orders.
Amazon Signs $1 Billion Synopsys Chip Deal and 20-Year Nuclear Power Agreement
Amazon.com announced a multi-year agreement worth over US$1.00 billion with Synopsys to bolster its custom chip design for AI and cloud computing, and separately signed a 20-year nuclear power deal with Constellation to secure 690 megawatts of electricity from Maryland's Calvert Cliffs plant. The two moves pair in-house silicon development with long-term, low-carbon power access, reinforcing the infrastructure backbone behind Amazon's expanding AI and cloud services. The chip deal and the nuclear agreement look material for AWS's near-term capacity buildout, though the immediate stock catalyst still centers on how quickly those AI investments flow through to earnings against the risk that AWS capital intensity and competition compress segment margins. The developments come as Amazon commits over US$220 billion of annual spending into AI and cloud infrastructure, alongside a proposed US$309.5 million settlement of the Amazon Return Policy class action. Amazon's narrative projects $1152.4 billion revenue and $158.3 billion earnings by 2029, with a $327.00 fair value implying 32% upside to its current price.
Amazon Signs $1B Synopsys Deal to Boost AWS Custom Chips
Amazon has signed a strategic, multi-year intellectual property agreement with Synopsys valued at more than $1 billion to accelerate chip design for Amazon Web Services. Under the deal, Amazon will serve as the lead customer for Synopsys' application-optimized silicon IP and expand its use of Synopsys' electronic design automation, simulation and agentic AI tools, building on a collaboration spanning more than 15 years. The agreement supports Amazon's purpose-built chips, including Nitro for cloud security and networking, Graviton for general-purpose computing and Trainium for AI training and inference, and Synopsys will adopt Amazon EC2 and Amazon Bedrock for its own product development in a two-way commercial relationship. Amazon's chips business has already surpassed a $25 billion annual revenue run rate, growing at triple-digit percentages year over year, with Graviton used by 98% of the top 1,000 EC2 customers and Trainium holding multi-year, multi-gigawatt commitments from Anthropic and OpenAI. AWS revenues grew 37% year over year to $42.2 billion in the second quarter of 2026, its fastest growth in 18 quarters, with segment operating margin expanding to 39.4% and a backlog of $496 billion. Amazon raised its 2026 cash capital expenditure outlook to roughly $220 billion from about $200 billion, primarily for AWS and generative AI.
Alibaba Partners with HONOR to Launch Qwen Intelligence, Building the Agentic Phone
Alibaba has unveiled Qwen Intelligence, a full-stack agentic solution for smartphone makers, with HONOR as the first partner to adopt it on October 1, 2026, and the two are jointly developing specialized models as well as solutions for next-generation AI smartphones. HONOR's first devices to integrate Qwen Intelligence with the phone's own intelligent system are the Magic9 Series smartphones launched on September 28 and the HONOR Robot Phone. The platform was launched at the Apsara Conference in Hangzhou, spanning from mobile-optimized foundation models to ready-to-use agents, with three agents in the first phase: the Mobile Planner Agent, the Mobile-Use Agent, and the Mobile Creative Agent. Steven Hoi, head of Qwen Mobile AI at Token Foundry and vice president of Alibaba Token Hub, said the agentic smartphone is the primary gateway connecting personal AI to the physical world. The collaboration between Alibaba and HONOR, built on Qwen Intelligence and the MagicOS operating system, enables HONOR's AI smartphones to achieve task accuracy of up to 91.8% and to coordinate complex workflows of more than 100 steps.
9988.HK · Demand · Positive Alibaba launched Qwen Intelligence with HONOR as first partner, gaining a smartphone-maker customer for its agentic AI platform.
Honor Device Co., Ltd. · Technology · Positive HONOR is first to adopt Qwen Intelligence and co-develops specialized models for its Magic9 Series and Robot Phone, boosting its AI smartphone capabilities.
Warren Demands Answers From Big Tech on $96B in Lost Federal Tax Revenue
Sen. Elizabeth Warren and fellow lawmakers sent letters this week to the CEOs of Amazon, Alphabet, Meta and Microsoft demanding details on their tax breaks and their lobbying for incentives in the One Big Beautiful Bill Act. Warren pointed to Amazon, which paid $7.8 billion less in tax last year, while Meta received nearly $7 billion in tax relief in 2025, paying $2.8 billion in federal tax compared to $9.6 billion in 2024. According to the Institute on Taxation and Economic Policy, Microsoft and Alphabet each qualified for tax cuts of nearly $19 billion last year. The breaks stem largely from the One Big Beautiful Bill Act's 100% bonus depreciation, which lets companies write off qualifying capital investments such as AI data centers in their first year; Microsoft claimed nearly $12 billion in depreciation tax breaks, Amazon $6.5 billion, Meta $4.9 billion and Alphabet over $3.3 billion. Corporate tax revenues are down 23% this year, amounting to $96 billion in lost federal revenue, according to Politico, as federal debt has topped $40 trillion. Warren and her colleagues want data centers disqualified from bonus depreciation tax breaks, while White House spokesperson Kush Desai said the law's pro-growth provisions were driving historic job, investment and wage growth.
AMZN · Regulation · Negative Warren's letter demands details on Amazon's tax breaks and lobbying, and lawmakers want data centers disqualified from bonus depreciation, threatening its tax benefits.
GOOG · Regulation · Negative Warren's letter targets Alphabet's tax breaks and lobbying, with proposed disqualification of data centers from bonus depreciation threatening its tax relief.
META · Regulation · Negative Warren's letter demands answers on Meta's tax breaks and lobbying, and the proposed data-center depreciation change threatens its tax benefits.
MSFT · Regulation · Negative Warren's letter targets Microsoft's tax breaks and lobbying, with proposed disqualification of data centers from bonus depreciation threatening its tax relief.
Amazon Signs 20-Year Nuclear Deal With Constellation for 690 MW
Amazon.com has signed a 20-year power purchase agreement with Constellation Energy to buy 690 megawatts of nuclear power from Maryland's Calvert Cliffs plant, a 1,790-megawatt facility that is the state's only nuclear power plant. The deal is expected to support more than $3 billion in infrastructure investment in Maryland, including about 190 megawatts of new emissions-free generating capacity due online between 2030 and 2032. Amazon's long-term commitment is also expected to support Constellation's effort to renew Calvert Cliffs' operating license for another 20 years; the plant currently supplies about 80% of Maryland's clean electricity, and its two reactors can power more than 1.3 million homes. The two companies also entered a separate retail electricity supply agreement covering Amazon's operations across the 13-state PJM power market. Constellation CEO Joseph Dominguez said the agreement demonstrates how private investment can strengthen critical energy infrastructure, as surging AI demand pushes technology companies toward nuclear power; last week Southern Company's Georgia Power and Alphabet's Google announced an agreement to support nuclear uprates at the Vogtle and Hatch plants, and Alibaba, Meta Platforms and Microsoft have also struck nuclear power agreements.
AMZN · Demand · Positive Amazon signed a 20-year PPA to buy 690 MW of nuclear power for its operations, securing long-term energy supply for its AI/data-center demand.
CEG · Demand · Positive Constellation secured a 20-year Amazon PPA for 690 MW from Calvert Cliffs, supporting $3B infrastructure investment and its license renewal effort.
JD.com Rises 1.14% as Analysts Lift Estimates Ahead of Earnings
JD.com, Inc. shares closed up 1.14% at $26.60, outpacing a 0.25% loss for the S&P 500 on a day when the Dow fell 0.86% and the Nasdaq gained 0.24%. The company is expected to report earnings per share of $1.05 for its upcoming quarter, up 101.92% from the prior-year quarter, on revenue of $46.07 billion, a 9.66% increase. For the full year, the Zacks Consensus Estimates project earnings of $3.34 per share and revenue of $202.54 billion, representing changes of +30.98% and +10.28%, respectively, from the prior year. The Zacks Consensus EPS estimate has moved 6.71% higher within the past month, and JD.com currently carries a Zacks Rank #3 (Hold). The stock trades at a Forward P/E ratio of 7.87, a discount to the average Forward P/E of 15.46 for its Internet - Commerce industry, which holds a Zacks Industry Rank of 191, placing it in the bottom 23% of all 250+ industries.
CENIT AG Supervisory Board Elects Klaus Weinmann Chairman, Uwe Kemm Vice Chairman
CENIT Aktiengesellschaft's Supervisory Board elected Klaus Weinmann as Chairman and Uwe Kemm as Vice Chairman at its constituent meeting today in Stuttgart. The two members were appointed by the Stuttgart Local Court effective September 28, 2026, until no later than the conclusion of the next annual shareholders' meeting. The elections were necessary following the departure of the previous Chairman and Vice Chairman. The Supervisory Board will now consist of Klaus Weinmann, Uwe Kemm, and Laura Schmidt. CENIT said it remains well-positioned to pursue the Group's strategic development and implement its growth and transformation agenda.
Amazon Signs Over $1 Billion Synopsys Deal to Boost AWS Custom Chips
Amazon.com announced a multi-year agreement worth more than $1 billion with Synopsys, making Amazon the lead customer for Synopsys' new application-optimized silicon IP business. The deal expands Amazon's use of Synopsys software to design, simulate and test increasingly complex chips, with the two companies tailoring that software for Amazon's Trainium AI chips and Graviton processors. Amazon custom-silicon chief Peter DeSantis said purpose-built chips from Graviton to Trainium deliver better performance at lower cost, and CEO Andy Jassy has said a new shift has started away from Nvidia's historical dominance in AI. Amazon estimates Trainium could eventually save it tens of billions of dollars in annual capital spending and give AWS several hundred basis points of operating-margin advantage for AI inference, while its custom-chip business has already surpassed a $25 billion annual revenue run rate and is growing at a triple-digit percentage year over year. For Synopsys, the agreement moves its new business toward a license-plus-royalty model, with potential to earn more as production volumes rise, against a Design IP business that generated $1.75 billion in revenue in its most recent fiscal year. Synopsys shares were up more than 3% Wednesday afternoon, while Amazon gained about 1.5%.
AMZN · Demand · Positive Amazon signs a >$1B multi-year deal with Synopsys and becomes lead customer, expanding its custom Trainium/Graviton chip design capabilities.
SNPS · Demand · Positive Synopsys lands Amazon as lead customer for its new silicon IP business in a >$1B multi-year agreement with license-plus-royalty upside.
NVDA · Competition · Negative Amazon's custom chips and Jassy's remarks signal a shift away from Nvidia's historical AI dominance, threatening Nvidia's position.
Alibaba's AI Spending Ramps Up as Cloud Revenue Jumps 45%
Alibaba ramped up its artificial intelligence spending sharply in the June 2026 quarter, reporting RMB67.7 billion in capital expenditures, up 75% year over year, driven by AI infrastructure, higher CPU-compute capacity and rising chip-component prices. The outlay is part of a RMB380 billion three-year capital investment plan, of which RMB190 billion had already been spent by the end of the June quarter. The spending weighed on cash generation, with free cash flow deepening to an outflow of RMB44.7 billion from an RMB18.8 billion outflow a year earlier, while adjusted EBITA fell 30% and net income declined 75%. Early monetization offered an offset, as AI Cloud and Compute Services revenues rose 45% to RMB48.4 billion and adjusted EBITA for that business jumped 133% to RMB5.6 billion, and Alibaba expects AI-related capital expenditure to break even in roughly three years. The company carries a Zacks Rank #4 (Sell), and the Zacks Consensus Estimate for its fiscal 2027 EPS stands at $6.41, down from estimates issued 30 and 60 days ago but still implying 64.78% growth from the prior year.
Rosenblatt Lifts Amazon Price Target to $360 on AI Agent Optimism
Rosenblatt raised its price target on Amazon to $360 while keeping a Buy rating, arguing that investors are wrongly treating AI shopping agents as an all-or-nothing threat to the company's advertising business. The new target implies about 46% upside from yesterday's closing price of $246.67. Amazon shares were down 0.19% in premarket. The firm pushed back on concerns that personal AI agents and shopping assistants will compress the path from product discovery to purchase, displacing the retail media model behind Amazon's advertising business, calling that narrative false and the perceived disruption risk overstated. Rosenblatt noted that Amazon has weathered secular shifts in consumer behavior before and said it is confident the company can get through this transition largely unaffected, even if its advertising model changes. It raised its long-term estimates on Amazon and said it will keep watching how new products and consumer agents develop.
AMZN · Capital · Positive Rosenblatt raised its Amazon price target to $360 and kept a Buy rating, arguing AI shopping-agent disruption risk to its ad business is overstated.
Ceconomy Jumps 4.2% as JD.com Nears EU Approval for EUR2.4 Billion Takeover
Ceconomy AG rose 4.2% in German trading on a report that JD.com is nearing approval from the European Commission for its planned EUR2.4 billion acquisition of the German electronics retailer, while JD.com shares gained 1.2%. According to traders citing a Dealreporter item circulating Wednesday, JD.com is expected to soon win approval under the EC's EU Foreign Subsidies Regulation, with the regulator set to clear the deal on the basis of JD.com's improved remedy proposal. The transaction still requires approval in Austria under its foreign direct investment review, the final clearance needed to complete the deal. JD.com, Ceconomy, and the EC declined to comment to Dealreporter. The EC opened an in-depth probe into the deal in May to assess whether JD.com received Chinese government support that enabled it to bid more aggressively for Ceconomy, and in July JD.com reportedly received a formal notice from the EC over concerns related to the transaction.
9618.HK · Regulation · Positive JD.com is nearing European Commission approval under the EU Foreign Subsidies Regulation for its EUR2.4 billion takeover of Ceconomy, with the regulator set to clear the deal based on improved remedies.
CEC.XETRA · Regulation · Positive Ceconomy shares jumped as JD.com nears EU antitrust/Foreign Subsidies Regulation approval for its EUR2.4 billion acquisition of the German electronics retailer.
KDDI to Scale Back Roaming for Rakuten Mobile from October in 18 Designated Cities and Elsewhere
KDDI announced on the 30th the areas where it will provide its mobile phone network to Rakuten Mobile, known as roaming, from October onward, revealing that it will significantly reduce coverage in 18 designated cities including Yokohama, Kobe and Sendai. In the affected areas, Rakuten Mobile's service may become difficult to connect. In addition to the 18 designated cities, excluding Osaka and Nagoya where coverage had already been reduced, core cities such as Asahikawa in Hokkaido will also be subject to the reduction. For regional areas where Rakuten Mobile's base station rollout has lagged, KDDI says it will cooperate in maintaining infrastructure for a certain period, on the major premise that Rakuten Mobile will carry out the buildout itself.
4755.JP · Supply · Negative KDDI will significantly reduce roaming coverage in 18 designated cities and other areas from October, making Rakuten Mobile's service harder to connect.
9433.JP · Supply · Neutral KDDI scales back the network capacity it supplies to Rakuten Mobile, but also agrees to help maintain regional infrastructure for a period.
KDDI to Sharply Reduce Roaming Coverage for Rakuten Mobile from October
KDDI announced on the 30th the roaming coverage areas in which it will lease its mobile communications network to Rakuten Mobile from October onward, revealing that coverage will be sharply reduced in 18 designated major cities including Yokohama, Kobe, and Sendai. In addition to the 18 designated major cities, excluding Osaka and Nagoya where coverage had already been reduced, core cities such as Asahikawa in Hokkaido will also be subject to the reductions. In the affected areas, Rakuten Mobile's service may become difficult to connect. KDDI has stated that, for regional areas where Rakuten Mobile's base station deployment has lagged, it will cooperate in maintaining infrastructure for a certain period, on the major premise that Rakuten Mobile will carry out the deployment itself.
4755.JP · Supply · Negative KDDI sharply reduces the roaming coverage it leases to Rakuten Mobile from October, making service harder to connect in 18 major cities and core regional cities.
9433.JP · Supply · Positive KDDI is cutting the network capacity/coverage it leases to Rakuten Mobile, reducing its roaming obligations while still cooperating on regional infrastructure.
ADVICE tackles rising IT prices, pushes into enterprise market, expands Advice iStore to 64 branches
Advice IT Infinite Public Company Limited, or ADVICE, has announced a strategy to cope with rising prices of IT components. Chief Executive Officer Nat Nattanitikarat said real demand in the market remains continuous, and AI technology is creating new product groups while opening up enormous opportunities for market expansion. The company is therefore focusing on the commercial market and server systems, where it still holds a small market share, as well as its Apple and Android businesses. Although gross margins may decline in the future, higher sales and an expanded business base will help support profit growth in monetary terms. Sarun Panha, Chief Sales Officer, said the company will begin adjusting its product and brand mix in the fourth quarter, while emphasizing sales of accessories alongside core products, together with partnerships with non-bank commercial lenders to offer more installment options for customers without credit cards. On the Apple business, Sarun Thitawasant, Assistant Chief of the Apple Business Development Division, said 24 Advice iStore branches are currently in operation, with a target of 29 branches by the end of 2026 and 50 branches within 2027, while eyeing long-term network expansion of at least 64 branches nationwide. Store formats will be upgraded from 2027 to serve the education sector, small businesses, software sales, usage guidance activities, and comprehensive after-sales service. Pornthep Watchara-amnuay, Assistant Chief Executive Officer for Commercial and Enterprise Business, noted that demand for AI technology and the global expansion of data centers are affecting the allocation of IT component production capacity in the supply chain, driving product prices higher and forcing IT retailers to adapt quickly in product portfolio management, services, and promotional pricing structures.
ADVICE.BK · Demand · Positive ADVICE is pushing into the enterprise/commercial and server market and expanding its Advice iStore network to 64 branches, citing continuous real demand.
ADVICE.BK · Supply · Negative Rising IT component prices from AI/data-center capacity reallocation are squeezing ADVICE's gross margins.
Dao maintains Buy on ADVICE with 8.50 baht target, expects 2026 profit to grow 69%
Dao Securities (Thailand) Public Company Limited said in a research note today, September 30, 2026, that the operating outlook for Advice IT Infinite Public Company Limited, or ADVICE, remains positive. The research team noted that ADVICE management aims to expand its Commercial business to add new customers and help lift gross margins higher. Meanwhile, sales of the iPhone 18 Pro and iPhone 18 Pro Max are growing better than expected and are roughly 50% higher than the launch period of last year's iPhone 17, reflecting strong demand and supporting sales in the second half of the year. Dao Securities estimates ADVICE's net profit for 2026 at 450 million baht, up 69% from the same period a year earlier, and sees room for further upside from the operating trend in the second half of 2026, which continues to move in a positive direction. Dao Securities therefore maintains its Buy recommendation on ADVICE with a target price of 8.50 baht.
ADVICE Eyes 50% iPhone 18 Growth, Pushes into Commercial and Server Markets to Lift Margins
Advice IT Infinite Public Company Limited, or ADVICE, is pressing ahead with expanding its business base into the commercial market and server systems to drive higher profit margins, while hoping for 50% growth in iPhone 18 sales from a year earlier after the launch of the iPhone 18 Pro and iPhone 18 Pro Max in early September, which have sold better than expected. Mr. Saran Thitawasant, Assistant Chief Executive Officer for the Apple business line, said that price increases for earlier iPhone models, including the iPhone 15, iPhone 16, iPhone 17 and iPhone Air, averaged about 5,000 baht per device per model, and that the launch of the iPhone 18 Series on September 9, 2026, has also helped stimulate demand for earlier iPhone models. On the expansion of Apple retail outlets under Advice iStore, the company aims to increase the count to 51 branches by 2027, from about 22 branches in the first half of 2026. Meanwhile, the outlook for the second half of 2026 is expected to improve on the first half, driven by demand for the iPhone 18 Series and the arrival of the high season for IT products and smartphones. For the full year, the company is maintaining its target of 15% revenue growth in 2026 compared with 2025, after total revenue in the first half of this year already reached about 8.85 billion baht.
ADVICE.BK · Demand · Positive ADVICE expects 50% iPhone 18 sales growth, expansion to 51 iStore branches, and maintains 15% revenue growth target on strong iPhone 18 demand.
ADVICE.BK · Pricing · Positive Price increases of about 5,000 baht per device on earlier iPhone models and the new launch helped stimulate demand and lift margins.
AAPL · Demand · Positive iPhone 18 Pro/Pro Max sold better than expected and ADVICE targets 50% growth in iPhone 18 sales, signaling strong end-customer demand for Apple's product.
Amazon's Bedrock Adds OpenAI GPT-6 Sol and Luna, Anthropic Claude Opus 5.5
Amazon expanded the model lineup on its Bedrock AI platform, adding OpenAI's GPT-6 Sol and Luna alongside Anthropic's Claude Opus 5.5 as part of its September 28 AWS roundup. AWS also introduced CloudWatch Omni to monitor applications and AI agents, while its SageMaker HyperPod gateway can cut first-token latency by up to 82% in the mixed-hardware and bursty scenarios AWS tested. Shares of Amazon fell about 0.28% to $245.46 in Tuesday morning trading, a level roughly 1.7% below the $249.70 GF Value estimate. The launches give developers more ways to run AI on AWS, but investors are still waiting to see how much revenue that activity brings in, since cheaper models may drive more AI calls, computing and storage demand while earning less per call.
AMZN · Technology · Positive Amazon expanded Bedrock's model lineup with OpenAI GPT-6 Sol/Luna and Anthropic Claude Opus 5.5, plus new CloudWatch Omni and SageMaker HyperPod latency gains.
Anthropic · Demand · Positive Anthropic's Claude Opus 5.5 was added to Amazon Bedrock, expanding its availability to AWS developers.
OpenAI · Demand · Positive OpenAI's GPT-6 Sol and Luna models were added to Amazon Bedrock, giving them a new distribution channel on AWS.
Senate Democrats Press Amazon on AI Data Center Tax Deductions
US Senate Democrats have pressed Amazon.com and other Big Tech firms on AI and data center related tax deductions in a new inquiry dated late September 2026. Lawmakers asked Amazon to detail how much it claims in deductions tied to AI infrastructure, including data centers and related equipment, and to disclose any lobbying around AI and data center tax rules and how those measures affect Amazon's federal tax payments. Amazon's response to the senators is due by the October 12 deadline, including any numbers it provides on AI related deductions and effective tax rates. Investors are also watching for any concrete policy proposals or draft legislation targeting data center or AI tax treatment, which would clarify potential cost or compliance impacts. Amazon.com runs a large online and physical retail operation alongside subscription and advertising services, all of which rely on sizeable digital infrastructure that includes AI focused data centers.
Alibaba Cloud Targets 20 Gigawatts by 2032 as AI Spending Weighs on Profit
Alibaba Group is doubling down on cloud and AI to reignite growth, unveiling at its Apsara Conference a target of more than 20 gigawatts of global data center capacity by 2032, new regions in Türkiye, Finland and the Netherlands, and the Zhenwu V900 chip due in early 2027. AI Cloud and Compute Services revenues jumped 45% year over year to RMB48.4 billion, with AI-related product revenues of RMB12.4 billion posting a 12th straight quarter of triple-digit growth, and segment adjusted EBITA surged 133% to RMB5.6 billion. International E-commerce revenues slipped 1% to RMB27.8 billion amid tariff and geopolitical pressure, even as AliExpress turned an operating profit in the first quarter of fiscal 2027 on logistics optimization and cost efficiencies. The AI push is costly: capital expenditure climbed 75% to RMB67.7 billion, driving a free cash outflow of RMB44.7 billion versus RMB18.8 billion a year ago, while group adjusted EBITA fell 30% with margin compressing to 10% from 16% and net income plunging 75%. Management expects cloud growth to keep accelerating and margins to expand, with model-as-a-service annual recurring revenues topping RMB16 billion in August against a year-end target of RMB30 billion, and Alibaba targets RMB100 billion in external cloud revenues by 2030, though RMB190 billion of the three-year RMB380 billion capex plan is already deployed and quick commerce is not expected to turn profitable until fiscal 2029.
9988.HK · Capital · Negative Capex climbed 75% to RMB67.7bn, driving a RMB44.7bn free cash outflow and a 30% drop in group adjusted EBITA with net income plunging 75%.
9988.HK · Demand · Positive AI Cloud and Compute Services revenue jumped 45% YoY with AI product revenues up triple digits for a 12th straight quarter.
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