Amazon (AMZN) Stock Today, November 25, 2025: AI Megaprojects, Tax Probe and New Bull Calls Shape the Outlook

Date: November 25, 2025 – All figures intraday and subject to change. This article is for information only and not investment advice.

Key takeaways for Amazon stock today

AMZN is trading around $227, up about 0.4% intraday and sitting roughly midway between its 52‑week low near $161 and record highs around $259. ^[1]
Amazon is doubling down on AI and cloud infrastructure, with up to $50 billion pledged for U.S. government AI supercomputing capacity and $15 billion for new data center campuses in Northern Indiana, plus confirmation that its global data center network now tops 900 facilities worldwide. ^[2]
Regulatory risk is back in focus as Italian authorities investigate Amazon over alleged customs and tax evasion tied to Chinese imports, adding to broader legal and antitrust scrutiny. ^[3]
Wall Street remains broadly bullish: TD Cowen, Rosenblatt and BNP Paribas all reiterate positive views, with price targets clustered around $300–$320, implying 25–40% upside from current levels. ^[4]
Fresh business wins and partnerships – from HSBC’s PayMe wallet migrating fully to AWS to Panasonic’s new battery deal with Zoox – reinforce Amazon’s reach across cloud, digital payments and autonomous vehicles. ^[5]

Amazon stock price today (NASDAQ: AMZN)

As of mid‑afternoon trading on November 25, 2025, Amazon.com, Inc. (NASDAQ: AMZN) is changing hands at about $227.13, up $0.85 on the day, a gain of roughly 0.4%.

Intraday context: Volume is around 9 million shares so far, well below an average daily volume near the mid‑40‑million range, suggesting a relatively calm session following recent volatility. ^[6]
52‑week range: Approximately $161.38–$258.60 per share, placing today’s price in the upper half of the past year’s trading band but still notably below early‑November record highs near $259. ^[7]

On valuation, recent data puts Amazon at about 32 times trailing earnings and 3.5 times sales, a premium both to the broader market and to many consumer and retail peers, reflecting expectations that its AI‑driven cloud and advertising franchises can sustain double‑digit growth. ^[8]

The big story: Amazon turns up the heat on AI and data centers

$50 billion AI supercomputing pledge for U.S. government

The most eye‑catching strategic news feeding into the stock narrative this week is Amazon’s plan to invest up to $50 billion to expand AI and high‑performance computing capacity for U.S. government customers of Amazon Web Services (AWS). ^[9]

According to Amazon and Reuters:

The multi‑year project will add roughly 1.3 gigawatts of AI and HPC capacity across AWS’s Top Secret, Secret and GovCloud regions in the United States.
Federal agencies will get expanded access to Amazon’s AI stack, including SageMaker for training, Bedrock for deploying models and agents, and foundation models like Amazon Nova and Anthropic’s Claude. ^[10]
Analysts see the move as a response to intensifying AI cloud competition from Microsoft and Google and as a way to lock in long‑duration, high‑margin public‑sector workloads.

For investors, this is yet another sign that AWS is committing to enormous AI capex. Estimates cited by analysts put Amazon’s 2025 capital spending near $125 billion, much of it tied to data centers, power and custom AI chips. ^[11]

The opportunity is huge – but so are the bills, which is precisely what some more cautious voices on Wall Street are worried about.

$15 billion Indiana data center campuses – and 900+ data centers worldwide

Complementing the federal AI push, Amazon has also announced new data center campuses in Northern Indiana, with an investment expected to reach $15 billion. ^[12]

From Amazon’s own breakdown:

The project will add 2.4 gigawatts of data center capacity to support AI and cloud workloads, plus up to 3 gigawatts of new generation capacity in partnership with utility NIPSCO. ^[13]
Amazon expects to create about 1,100 high‑skilled jobs directly and thousands more in construction and the local supply chain.
A bespoke energy framework is designed so Amazon covers the cost of new infrastructure while local residents are projected to save roughly $1 billion on electricity bills over 15 years. ^[14]

Separately, new reporting and a GuruFocus summary today highlight that Amazon’s global data center footprint now exceeds 900 facilities in over 50 countries, with roughly 20% of computing capacity coming from rented colocation sites. ^[15]

This scale cements Amazon as arguably the largest infrastructure owner in the AI era, but it also underscores the capital‑intensive nature of the strategy. Analysts who turned cautious earlier this month have explicitly argued that generative AI may require more upfront investment and offer lower returns than the first wave of cloud computing, a tension that continues to hang over the stock. ^[16]

Fresh business wins: AWS, digital payments and robotaxis

HSBC’s PayMe wallet fully migrates to AWS

On the commercial side, AWS announced today that PayMe by HSBC – Hong Kong’s widely used mobile wallet with over 3.2 million users – has migrated its entire platform to AWS. ^[17]

The move reportedly delivers:

Faster response times and near‑instant transactions
Lower infrastructure costs via optimized AWS resource use
Faster roll‑out of new features and better scaling for peak payments events like holidays and promotions ^[18]

For investors, it’s another proof point that financial services remain a core growth vertical for AWS, alongside AI‑heavy workloads from tech, gaming and enterprise software.

Tiger Data strategic collaboration

AWS has also entered a strategic collaboration agreement with Tiger Data, aimed at deepening the use of AWS services across Tiger Data’s client base and improving campaign analytics and reporting for marketers. ^[19]

While small next to the Indiana and federal megaprojects, these partner deals underscore the breadth of AWS’s ecosystem, which still contributes a relatively modest 17% of Amazon’s revenue but a much larger share of its operating profit. ^[20]

Panasonic–Zoox battery deal: long‑dated upside for Amazon’s robotaxi ambitions

In autos and robotics, Reuters reports today that Panasonic Energy has signed a multi‑year agreement to supply 2170 cylindrical lithium‑ion battery cells to Zoox, Amazon’s self‑driving robotaxi unit, starting in early 2026. ^[21]

Key points:

Initial production will be in Japan, with plans to expand manufacturing to Panasonic’s U.S. plant in Kansas.
The deal supports Zoox’s gradual roll‑out of autonomous robotaxi services, which already offer free rides in parts of San Francisco. ^[22]

Zoox is still a small contributor to Amazon’s financials, but the battery agreement indicates Amazon is serious about scaling its mobility platform over the next several years – and that it’s willing to keep funding long‑dated optionality alongside core retail and cloud.

Legal and regulatory overhang: Italy tax probe and broader scrutiny

Today also brings a fresh reminder that regulation remains one of Amazon’s biggest risk factors.

A new report from GuruFocus says Italian authorities have opened an investigation into possible customs and tax evasion linked to Chinese imports sold via Amazon’s platforms. Investigators reportedly carried out searches at two Amazon locations in Italy as they probe whether some goods entered the country without appropriate sales tax and duties. ^[23]

The article notes:

Authorities are said to view Amazon as potentially acting as a “Trojan horse” for certain Chinese sellers, though no formal charges have been announced.
Despite the probe, Amazon’s financial health – including an Altman Z‑Score near 5.9 and debt‑to‑equity around 0.37 – still indicates low risk of distress and a relatively conservative balance sheet. ^[24]

This Italian case adds to ongoing antitrust and marketplace investigations in the U.S. and Europe that have weighed on sentiment even as earnings have been strong. Recent commentary from FX and equity strategists has repeatedly cited regulatory clouds and cautious guidance as key reasons Amazon’s share price slid more than 10% from early‑November highs, despite robust Q3 numbers. ^[25]

Inside Amazon’s AI strategy: Kiro, automation and layoffs debate

Another widely circulated Reuters story today focuses on Amazon’s internal AI tooling. According to internal memos viewed by Reuters, the company is strongly encouraging engineers to adopt “Kiro,” its in‑house AI coding assistant, instead of competing products like GitHub Copilot. ^[26]

Why it matters:

Amazon wants to avoid sharing sensitive code or business data with rival tech firms by relying on its own model.
Steering employees toward Kiro also generates proprietary training data that could improve Amazon’s AI models over time. ^[27]

At the same time, separate commentary pieces – including a Fortune article published today – highlight employee anxiety over layoffs and automation, tying leaked internal planning documents about warehouse robots and AI tools to concerns about future job losses. ^[28]

Taken together, this paints a picture of a company that is all‑in on AI, not only for customers but also across its own engineering and logistics operations – and of a workforce and regulatory environment still catching up with what that means in practice.

Analyst calls and market sentiment on AMZN today

Despite the volatility and regulatory questions, Wall Street’s stance on Amazon remains overwhelmingly positive:

TD Cowen reiterated a “Buy” rating and $300 price target, citing accelerating AWS growth and confidence that AI capex will pay off over the long term. ^[29]
Rosenblatt Securities reaffirmed its “Buy” rating with a $305 target, pointing to strong Q3 results, an improving margin profile and continued advertising growth. ^[30]
A widely shared MarketWatch piece quotes BNP Paribas analyst Nick Jones, who calls Amazon his top pick and argues the stock is “primed for a 40% rally,” implying a target around $320 and highlighting Amazon’s ability to defend its twin “fortresses” of low‑cost retail and AWS. ^[31]
Across a broader analyst sample, one Zacks‑compiled snapshot shows a consensus price target near $294–$295, with the vast majority of ratings in the “Strong Buy/Buy” bucket. ^[32]

On the more cautious side:

Recent pieces from macro and equity strategists note that Amazon trades at a premium P/E versus the retail and internet industry average (roughly 31x vs ~17x, according to some comparisons), and that heavy AI capex, new debt issuance and legal risk justify a degree of skepticism at current valuations. ^[33]
A handful of value‑focused models put “fair value” for AMZN below the current price, implying limited near‑term upside if growth or margins slip. ^[34]

Still, with institutional ownership around the mid‑60% range and insider ownership above 8%, the shareholder base remains heavily committed. ^[35]

Fundamental backdrop: Q3 strength vs. AI spending fears

Today’s incremental headlines sit on top of a very strong third quarter:

Q3 2025 net sales: about $180 billion, up roughly 13% year‑on‑year
Net income: around $21 billion, or about $1.95 per share, up sharply from a year earlier
AWS revenue: about $33 billion, up roughly 20% year‑on‑year, its fastest growth since 2022
AWS remaining performance obligations: close to $200 billion, indicating a massive backlog of contracted cloud spend. ^[36]

Those numbers initially pushed the stock to new highs early this month, helped by news of a multi‑year $38 billion AI cloud agreement with OpenAI that reinforced Amazon’s role in the generative‑AI arms race. ^[37]

However, as several recent analyses point out, the narrative shifted quickly:

The market is now asking whether AI data center projects will deliver cloud‑style margins, or something lower once energy, networking and chip costs are fully factored in.
Rising legal and regulatory risk – from antitrust suits to the new Italian tax probe – has made some investors less willing to pay a premium multiple.
With the stock having rallied hard into Q3 on AI optimism, the bar for “good enough” news became extremely high. ^[38]

That explains why, even as today’s session is mildly positive, commentary pieces with titles like “Investors Are Sick of Amazon” have cropped up in recent days: sentiment is mixed, not because the business is weak, but because expectations and valuation already embed a lot of good news. ^[39]

Holiday shopping, e‑commerce runway and what today’s news means

Amazon also enters this week in the thick of its holiday sales push:

The company has kicked off Black Friday Week, advertising more than 135 featured deals across major brands and publishing consumer‑facing guidance on securing packages against theft. ^[40]
AWS’s flagship re:Invent conference is also in focus, with Amazon signalling “agentic AI” as a key theme for this year’s event. ^[41]

Meanwhile, a fresh Motley Fool article this morning argues that e‑commerce adoption globally still has about 83.7% of potential penetration left, with online sales representing under one‑fifth of total retail spending – and calls Amazon the market leader best positioned to capture that runway, especially in groceries and autos. ^[42]

Put together, today’s mix of headlines suggests:

Bullish case:
- Massive AI and data‑center commitments deepen Amazon’s moat in cloud and government workloads.
- New deals (PayMe, Zoox batteries, Tiger Data) reinforce Amazon’s reach into high‑growth verticals.
- Analysts still see 25–40% upside based on consensus and top‑of‑street price targets. ^[43]
Bearish case:
- AI and cloud investments require colossal capex, with uncertain long‑term returns. ^[44]
- Legal and regulatory scrutiny, including the new Italian probe, could translate into fines, operational changes or constraints on marketplace practices. ^[45]
- The stock still trades at a premium multiple, leaving less room for disappointment if growth slows or margins compress. ^[46]

For now, the market’s verdict on November 25 is cautiously optimistic but far from euphoric: AMZN is edging higher, yet investors seem to be weighing each new AI headline and regulatory twist to decide whether today’s price fairly reflects both the opportunity and the risks.

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