Amazon Stock Before the December 1, 2025 Open: AMZN Eyes AWS re:Invent After 5% Weekly Rally

As Wall Street heads into the first trading day of December 2025, Amazon.com, Inc. (NASDAQ: AMZN) enters Monday’s U.S. market open on December 1 with momentum, heightened analyst optimism, and a spotlight firmly on Amazon Web Services (AWS) and artificial intelligence.

After a choppy November, AMZN has rebounded into the Black Friday/Cyber Monday period, rising roughly 5% over the past week, according to alternative-data platform Quiver Quantitative. ^[1] The stock last closed at $233.22 on Friday, November 28, 2025, up 1.77% on the day, and sits about 10% below its early-November all‑time high near $258.60. ^[2]

Here’s how the most recent news from November 28–30, 2025 may shape trading in Amazon stock before the December 1 open.

Where AMZN Stands Heading Into December 1

Over the last 30 calendar days (October 31–November 30), Amazon’s average closing price has been about $236.67, with the latest price at $232.93, implying the shares are trading modestly below their recent average. ^[3]

MarketBeat data shows Amazon with a market capitalization around $2.5 trillion, a trailing P/E ratio in the mid‑30s, and institutional ownership above 70%. ^[4] In fundamentals, the company is coming off a powerful third quarter:

Q3 2025 net sales: $180.2 billion, up 13% year on year.
AWS revenue: $33.0 billion, up 20% year on year — its fastest growth since 2022. ^[5]
Net income: $21.2 billion, or $1.95 per diluted share, versus $1.43 a year earlier. ^[6]
Q4 revenue guidance: $206–213 billion, signaling continued double‑digit growth through year‑end. ^[7]

Those earnings have set the backdrop for the flurry of late‑November commentary and positioning that traders will digest before the bell on December 1.

November 28: Amazon Dubbed a “Top Growth Stock” – With a Big Asterisk

Bullish takes: “Ultimate growth stock” and rising attention

On November 28, several outlets highlighted Amazon as one of the strongest long‑term growth names in megacap tech:

A Motley Fool piece labeled Amazon “the ultimate growth stock to buy right now” for investors deploying around $1,000, citing solid growth avenues and an attractive valuation relative to its long‑term prospects. ^[8]
Zacks flagged Amazon as a name “attracting investor attention,” highlighting the stock’s elevated trading interest and importance in current market discussions. ^[9]

These narratives lean heavily on Amazon’s three major engines — e‑commerce, AWS, and advertising — and the company’s ability to monetize its huge installed base of Prime members and merchants over many years.

Bearish counterpoint: Forbes warns about downside risk

Balancing this optimism, Forbes published a risk‑focused piece on November 28 asking “How Amazon Stock Can Fall?” The article noted that historically, Amazon’s share price has dropped by more than 30% in less than two months on multiple occasions, underscoring that even dominant platforms are not immune to sharp drawdowns when sentiment turns. ^[10]

The underlying message for December 1 traders: while AMZN is widely loved on Wall Street, history suggests it can be volatile and sensitive to shifts in growth expectations, especially around AWS.

November 29: AWS Growth, AI Deals, and Heavy Analyst Support

AWS reaccelerates and AI demand surges

On November 29, coverage turned decisively toward AWS and AI:

A widely circulated article (via Finviz/Insider Monkey) emphasized that AWS revenue growth accelerated to just over 20% year on year in Q3, up from the high‑teens pace earlier in 2025. ^[11]
The same piece highlighted:
- A $200 billion+ AWS backlog, excluding several unannounced October deals.
- A multi‑year, $38 billion commitment from OpenAI to run workloads on AWS infrastructure, including access to very large quantities of Nvidia GPUs and the ability to scale further. ^[12]
- AWS’s Trainium AI chips reaching a multi‑billion‑dollar annual run‑rate, growing more than 150% quarter‑over‑quarter in Q3. ^[13]

These data points reinforced the view that Amazon is no longer seen as an AI laggard; instead, AWS sits at the center of an aggressive, capital‑intensive infrastructure build‑out.

QuiverQuant: 5% weekly gain, intense attention, and insider selling

Quiver Quantitative’s November 29 report called out several notable signals around AMZN: ^[14]

Price action: Amazon stock rose about 5% during the week, making it a standout among heavily followed names.
Search interest: AMZN ranked as the 15th most‑searched ticker on the platform out of 50 tracked tickers.
Insider activity: Over the last six months, insiders executed 73 open‑market trades — all sales, including large disposals by Executive Chair Jeff Bezos and several senior executives.
Institutional flows: Around 2,934 institutional investors added AMZN, while 2,283 trimmed positions in their most recent filings.
Analyst ratings & targets: Quiver tallied roughly 30 “Buy” ratings with no “Sell” calls in recent months and a median price target near $300.

Taken together, the data point to strong institutional and analyst conviction — but also meaningful insider profit‑taking at higher levels.

MarketBeat: “Moderate Buy” consensus and nearly $296 price target

Another November 29 MarketBeat review reported that 61 analysts currently cover Amazon: 56 rate it “Buy,” one “Strong Buy,” three “Hold,” and one “Sell,” giving the stock an overall rating of “Moderate Buy” and an average 12‑month price target around $295.78. ^[15]

MarketBeat also reiterated Q3 highlights — earnings per share of $1.95 vs. $1.57 expected and revenue of $180.17 billion vs. $177.53 billion expected, with a net margin of about 10.5% and return on equity near 24%. ^[16]

State pension funds add to positions

In institutional ownership news dated November 29, MarketBeat noted that the State of Michigan Retirement System increased its Amazon stake slightly to about 3.14 million shares, making AMZN its 5th‑largest holding and roughly 3.6% of its portfolio. ^[17]

This follows other reports showing large wealth managers and pension funds boosting positions in Amazon through 2025, even as insiders cash out some stock — a dynamic traders may weigh carefully ahead of Monday’s open.

Black Friday: Stock rises despite worker protests

A Simply Wall St analysis explained why Amazon shares rose a bit over 1% on Black Friday, even as warehouse workers in Germany staged protests around pay and conditions. ^[18]

The article argued that investors remained more focused on:

Strong AWS results and AI initiatives.
New infrastructure spending, including a $3 billion data‑center campus in Mississippi, part of Amazon’s effort to keep pace with surging cloud and AI demand. ^[19]

Simply Wall St’s narrative model projects Amazon could reach about $905.9 billion in revenue and $111.9 billion in earnings by 2028, implying roughly 10.6% annual revenue growth and suggesting fair value near $293 per share, or about 26% upside versus recent prices. ^[20]

November 30: Institutional Buying and J.P. Morgan’s “Load Up” Call

Wealth managers make Amazon a top portfolio holding

On November 30, MarketBeat published multiple 13F‑based alerts showing fresh institutional conviction in AMZN: ^[21]

K.J. Harrison & Partners Inc. raised its Amazon stake by 8.3% in Q2 to 102,996 shares, worth roughly $22.6 million. Amazon now represents about 3.7% of its portfolio, its 4th‑largest holding.
Transatlantique Private Wealth LLC boosted its holdings by 8.7% to 26,328 shares, worth around $5.8 million, making AMZN its 6th‑largest position and about 2.1% of its portfolio.

Those moves add to the narrative that roughly 72% of Amazon’s float is owned by institutions, reflecting broad professional investor interest even at a $2.5 trillion valuation. ^[22]

J.P. Morgan: “Load up ahead of AWS re:Invent”

Arguably the most market‑moving headline on November 30 came via TipRanks, summarizing a bullish note from J.P. Morgan analyst Doug Anmuth under the headline: “Load Up Ahead of AWS re:Invent.” ^[23]

Key takeaways from Anmuth’s view:

AMZN shares are up about 7% over the past week but still trade below their November peak, offering, in his view, a constructive entry point.
The recent pullback was partially attributed to:
- Amazon’s $15 billion debt offering coming in a “noisy” bond market.
- Concerns about Anthropic partnering with Nvidia and Microsoft Azure, raising questions about AWS’s role in some AI workloads.
- Uncertainty around the timing of Trainium 3, Amazon’s next‑generation in‑house AI accelerator for AWS.
With AWS re:Invent 2025 kicking off December 1–5 in Las Vegas, J.P. Morgan expects Amazon to “amplify its AI/cloud strategy”, offering updates on:
- Trainium adoption and performance, with Trainium 3 expected to be roughly 40% more price‑efficient than Trainium 2.
- Project Rainier, as the Anthropic partnership scales from ~500,000 Trainium 2 chips to more than 1 million chips by year‑end, potentially boosting AWS revenue into 2026. ^[24]
- The OpenAI partnership, tied to a $38 billion, 7‑year commitment to run and scale workloads on AWS. ^[25]

Anmuth argues that clearer messaging on AWS’s AI roadmap, chip strategy, and capacity could ease investor worries and support better stock performance into 2026.

Big Picture: AI Boom, Capacity Crunch, and Hyperscaler Spending

Even beyond the 28–30 November window, several recent reports frame the backdrop that traders will have in mind on December 1.

Hyperscalers’ wild ride and $441 billion in capex

An Investor’s Business Daily feature on “hyperscalers” — Amazon, Microsoft, Google, Meta, and Oracle — noted that these giants have seen sharp stock swings in November as markets reassessed the sustainability of AI‑driven growth. ^[26]

The piece highlighted:

Hyperscalers are expected to spend around $441 billion on infrastructure in 2025, up roughly 184% vs. 2023, raising concerns about capital intensity and return on investment.
Amazon remains the largest cloud provider via AWS, with anticipation building for new announcements at re:Invent that could reinforce (or challenge) its leadership.

AWS capacity crunch and customer defections

In contrast to the growth narrative, a Business Insider investigation described how AWS suffered serious AI capacity constraints in mid‑2025, particularly affecting its Bedrock generative AI service. ^[27]

According to internal documents and customer accounts cited in the article:

AI server shortages and slow quota approvals contributed to tens of millions of dollars in delayed or lost revenue.
Some major clients, including Epic Games and Vitol, reportedly shifted workloads to rivals like Google Cloud due to latency, missing features, or compliance concerns.
AWS insiders warned that the issues persisted into September, prompting CEO Andy Jassy to push for accelerated capacity expansion — part of a broader plan for $125 billion‑plus in infrastructure investment. ^[28]

These tensions — booming demand, rising capex, and the real risk of customers testing other clouds — are central to how investors will read AWS re:Invent news this week.

Valuation Check Before the December 1 Open

Going into Monday’s U.S. session:

AMZN closed at $233.22 on November 28, about 9.8% below its early‑November record intraday high of $258.60. ^[29]
The 30‑day average closing price is roughly $236.67, putting the stock modestly below its recent trend line. ^[30]
A technical‑analysis site, StockInvest.us, estimates a “fair opening price” for December 1 around $232.23, only about 0.4% below Friday’s close — essentially signaling a neutral to mildly positive bias based on its models. ^[31]

Meanwhile, fundamental and narrative‑driven models cluster in a relatively tight band:

Consensus 12‑month analyst targets around $295–$300. ^[32]
Simply Wall St’s fair value estimate near $293. ^[33]

That implies potential upside of roughly 20–30% from current levels if Amazon executes on its AI and cloud roadmap and macro conditions remain supportive. But, as the Forbes piece reminded readers, Amazon’s share price has repeatedly experienced 30%‑plus pullbacks when expectations reset. ^[34]

Key Things for Traders to Watch on December 1

Before and shortly after the bell on December 1, 2025, AMZN traders are likely to focus on:

AWS re:Invent headlines
- Any announcements on Trainium 3 performance, timelines, and pricing.
- Updates on Project Rainier and AI super‑cluster deployments.
- New customers or expansions in partnerships with OpenAI, Anthropic, and other AI leaders. ^[35]
Market reaction to J.P. Morgan’s bullish call
- Does pre‑market flow suggest investors are “loading up,” or is optimism already priced in?
Institutional vs. insider activity
- 13F data show large funds steadily adding Amazon, while insiders have been trimming. Traders may watch for any fresh insider sales filings or additional fund disclosures. ^[36]
Macro sentiment toward hyperscaler AI capex
- With nearly half a trillion dollars of cloud and AI infrastructure spending projected for 2025, any signs that investors are souring on over‑investment could weigh on the entire group, including AMZN. ^[37]
Labor and regulatory headlines
- Black Friday protests in Europe and ongoing scrutiny from regulators remain in the background. While they haven’t moved the stock much so far, any escalation could change that calculus. ^[38]

Bottom Line: A High‑Conviction Name With High‑Stakes Catalysts

Heading into the December 1, 2025 open, Amazon stock sits at an interesting crossroads:

Momentum is positive — the stock has bounced strongly from mid‑November lows and remains one of the most closely watched names on Wall Street and in prediction markets. ^[39]
Fundamentals look strong, with double‑digit revenue growth, surging AWS sales, and robust profitability in Q3. ^[40]
Analysts and institutions are broadly bullish, clustering around price targets near $300 and continuing to add to positions. ^[41]
But risks are real — from AI capacity bottlenecks and stiff cloud competition to huge capex requirements and a history of steep drawdowns when sentiment turns. ^[42]

For traders and investors watching AMZN before the bell on December 1, the central question isn’t just whether the stock opens a fraction of a percent higher or lower — it’s whether AWS re:Invent can convincingly answer the market’s biggest concerns about Amazon’s AI strategy, cloud economics, and return on its massive infrastructure bet.

Note: This article is for informational purposes only and does not constitute financial advice, investment recommendation, or an offer to buy or sell any security. Always consider your own financial situation and consult a licensed professional before making investment decisions.

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