Amazon (AMZN) Stock on December 1, 2025: AI Megadeals, Multicloud Pact and Street‑High Targets

Amazon.com, Inc. (NASDAQ: AMZN) heads into the final month of 2025 at the center of several major storylines: a $38 billion cloud deal with OpenAI, a surprise multicloud partnership with Google, accelerating AWS growth and a fresh wave of bullish price targets from Wall Street.

At the last close on Friday, November 28, Amazon stock traded around $233 per share, implying a market capitalization of roughly $2.5 trillion and a trailing price‑to‑earnings ratio in the mid‑30s. ^[1]

Here’s what’s moving AMZN today, based on news, forecasts and analyses dated December 1, 2025.

Amazon stock snapshot as of December 1, 2025

Share price: about $233 (last close). ^[2]
Market cap: roughly $2.49 trillion. ^[3]
Trailing P/E: ~35–36x, with a forward multiple closer to the low‑30s. ^[4]
Ownership: ~72% held by institutions; ~9–10% held by insiders. ^[5]
Profitability: trailing EPS $7.08, net income about $59 billion, net margin ~10.5%, return on equity ~23.8%. ^[6]

Over the last year, Amazon is up by low‑double‑digit percentages, lagging the S&P 500 in 2025 but delivering strong multi‑year returns – nearly 150% over the past three years, according to CoinCentral’s performance rundown. ^[7]

Q3 2025 earnings recap: growth re‑accelerates

Amazon’s Q3 2025 report on October 30 is still the fundamental backdrop for today’s analysis:

EPS: $1.95, beating the $1.57 consensus by $0.38.
Revenue: $180.17 billion, up 13.4% year‑over‑year, and ahead of ~$177.5 billion expected. ^[8]
AWS: about $33 billion in revenue for the quarter, according to multiple analyses. ^[9]
Advertising: roughly $17.7 billion in quarterly ad revenue, per 24/7 Wall St’s breakdown. ^[10]
Guidance: Q4 2025 revenue guidance of $206–213 billion, compared with a consensus near $208 billion. ^[11]

MarketBeat’s earnings summary also highlights a trailing P/E of ~35.6x and projects earnings per share to grow nearly 18% next year, from $6.31 to $7.44. ^[12]

The message from the last few quarters: Amazon is back to double‑digit top‑line growth with double‑digit margins, powered primarily by AWS and advertising.

Catalyst #1 – AWS + OpenAI: a $38 billion AI cloud megadeal

One of the biggest December 1 headlines is CoinCentral’s deep‑dive on Amazon’s new partnership with OpenAI. ^[13]

Key points:

Amazon has struck a $38 billion, seven‑year cloud deal with OpenAI, significantly expanding the AI lab’s use of AWS after years of relying mainly on Microsoft Azure. ^[14]
AWS will provide large GPU clusters powered by Nvidia chips and other compute infrastructure to support OpenAI’s model training and deployment. ^[15]
CoinCentral notes Amazon shares recently closed at $233.22, up 1.77% on November 28, as enthusiasm around the OpenAI deal spread. ^[16]

For investors, this matters because:

Signal of competitiveness in AI infrastructure: Winning meaningful OpenAI workloads shows AWS can still compete aggressively for the largest, most demanding AI customers – not just run‑of‑the‑mill cloud workloads.
Flywheel potential: High‑profile AI customers often attract others. If AWS is trusted with OpenAI’s heaviest training runs, smaller AI startups and enterprises may follow.
CapEx justification: Amazon’s AI‑driven capital expenditures have worried some analysts. A multi‑billion‑dollar, multi‑year contract is exactly the kind of visible revenue stream that helps justify those data‑center and chip investments.

Motley Fool’s analysis (via Nasdaq) adds that AWS has reached a roughly $132 billion annual revenue run rate and recently posted its fastest growth in 11 quarters, with 20% year‑over‑year expansion. AWS is estimated to contribute about 65% of Amazon’s total operating income, underscoring how central cloud and AI are to the equity story. ^[17]

Catalyst #2 – New multicloud networking service with Google Cloud

The other major December 1 news is that Amazon and Google have teamed up on a joint multicloud networking service to connect AWS and Google Cloud. ^[18]

According to CoinCentral’s breakdown:

The new service lets enterprises set up private, high‑speed links between AWS and Google Cloud in minutes instead of weeks. ^[19]
It combines AWS Interconnect‑multicloud with Google Cloud Cross‑Cloud Interconnect to simplify moving data and applications between the two platforms. ^[20]
The launch comes after an October 20 AWS outage that knocked major sites offline and was estimated to cost U.S. companies $500–650 million. ^[21]
Salesforce is an early adopter of the new connectivity solution. ^[22]

Why this matters for AMZN stock:

Defensive and offensive at once: The service addresses reliability concerns exposed by the October outage, while also making AWS more attractive to big enterprises that already use multiple clouds.
Acknowledging multicloud reality: Many large customers run on AWS, Azure and Google simultaneously. Amazon leaning into multicloud can help it keep workloads it might otherwise have lost.
Reinforcing AWS scale: CoinCentral emphasizes that AWS generated $33 billion in Q3 cloud revenue versus $15.16 billion for Google Cloud – more than 2x – which gives Amazon leverage in shaping these partnerships. ^[23]

Seeking Alpha’s news desk echoes the same story: Amazon and Google are rolling out the jointly developed service specifically to provide more reliable inter‑cloud connectivity. ^[24]

Catalyst #3 – Automation, AWS margins and ads: “three growth engines”

A long‑form Seeking Alpha analysis published today, “From Scale To Profits: Three Catalysts Powering Amazon’s Next Growth Cycle,” argues that Amazon is entering a new phase where profits can grow faster than revenue. ^[25]

The author highlights three drivers:

Automation in e‑commerce:
- Robotics and AI in fulfillment centers are expected to lift retail margins significantly, especially in North America, where Amazon has raised long‑term margin targets.
- 24/7 Wall St notes that leaked documents suggest Amazon aims to replace about 600,000 jobs with robots by 2027, potentially trimming $0.30 off the cost of each item purchased via its e‑commerce platform. ^[26]
AWS margin expansion:
- AWS is already the biggest earnings contributor, but custom chips and improved capacity utilization could further raise cloud margins over time. ^[27]
High‑margin advertising:
- Amazon’s ads business already generates operating margins estimated around 70%, according to the Seeking Alpha piece, and continues to grow rapidly as it monetizes Prime Video and on‑site search. ^[28]

The author concludes that, relative to its earnings power, AMZN remains attractively valued and assigns a “Strong Buy” rating for long‑term investors. ^[29]

What Wall Street’s AMZN stock forecasts say today

Multiple data providers updated or reiterated their Amazon forecasts going into December 1:

Consensus targets and ratings

MarketBeat:
- Consensus rating: Moderate Buy based on 61 analysts, with 57 Buys, 3 Holds and 1 Sell.
- Average 12‑month price target:$295.78, implying about 27% upside from the recent ~$233 price.
- Target range: $250 (low) to $360 (high. ^[30]
MarketScreener (FactSet data):
- Mean consensus: Buy based on 67 analysts.
- Average target price:$294.90, about 26% above the last close of $233.22. ^[31]
Public.com:
- Reports a Buy consensus from 45 analysts as of December 1, 2025, with an average target around $282.98. ^[32]
24/7 Wall St (price‑prediction feature):
- Cites a median price target of about $295.23, with a low of $250 and a high of $340, and describes Wall Street’s stance as “Strong Buy” (43 Buy ratings, 1 Hold, 0 Sells in its tally). ^[33]

Fresh target hike from Oppenheimer

An early‑morning MT Newswires note (via MarketScreener) reports that Oppenheimer has raised its Amazon price target from $290 to $305 while maintaining an Outperform rating, reinforcing the view that upside remains despite the stock’s big run since 2022. ^[34]

Fundamental forecasts: revenue and EPS growth

StockAnalysis aggregates Wall Street estimates for Amazon’s long‑term fundamentals: ^[35]

Revenue:
- 2024: $638 billion (estimate).
- 2025: $727 billion (average forecast), implying ~14% growth.
- 2026: $806 billion, implying roughly 11% growth.
EPS:
- 2025: $7.14 (average estimate).
- 2026: $7.98 (average), suggesting ~12% EPS growth on top of already recovered margins.

Combined with MarketBeat’s estimate that earnings will climb almost 18% in the next year, these forecasts paint a picture of Amazon as a double‑digit growth compounder rather than a hyper‑growth story – but one whose valuation assumes that growth and margin expansion continue. ^[36]

Technical picture: December 1 breakout views

A December 1 note from DailyForex takes a explicitly technical look at Amazon’s chart and offers a bullish “breakout” thesis: ^[37]

The analyst sees price breaking above a horizontal resistance zone while still below an ascending Fibonacci retracement fan – interpreted as room for further upside.
They highlight that average bullish trading volume has recently outpaced bearish volume, supporting the breakout narrative.
A fundamental snapshot in the same piece notes a P/E of ~32.9x for Amazon, versus roughly 34.9x for the Nasdaq 100, arguing AMZN is “reasonably priced” relative to its index.

DailyForex’s trading idea is very specific (with entry, stop‑loss and take‑profit zones), but it’s important to treat this as one trader’s short‑term view rather than a consensus forecast.

Separately, the quantitative site StockInvest.us notes that the Amazon share price rose about 1.79% on the last trading day, from $229.09 to $233.18, and has dipped roughly 1.8% over the last two weeks, reflecting short‑term volatility inside a broader uptrend. ^[38]

Ownership trends: institutions adding, insiders trimming

Several 13F filings summarized by MarketBeat today show how some institutional investors have been adjusting their AMZN positions: ^[39]

Recent moves include:

Elyxium Wealth LLC: increased its Amazon stake by 8.4% in Q2 to 30,977 shares, worth about $6.8 million, making AMZN its 8th‑largest holding. ^[40]
NewSquare Capital LLC: expanded its position by 9.3% to 33,284 shares (~$7.3 million). ^[41]
Atlas Wealth LLC: lifted its stake by 4.9% to 24,715 shares (~$5.45 million). ^[42]
Lord & Richards Wealth Management LLC: increased holdings by 23% to 8,803 shares (~$1.93 million). ^[43]
Claro Advisors LLC: cut its position by 17%, selling 12,886 shares but still holding nearly 63,000 shares worth about $13.8 million. ^[44]

MarketBeat estimates that institutional investors collectively own about 72.2% of Amazon’s outstanding shares. ^[45]

On the insider side:

CEO Andy Jassy sold 19,872 shares on November 21 at an average price around $216.94, a roughly $4.3 million transaction. ^[46]
AWS CEO Matthew Garman sold 17,768 shares at about $216.90, for roughly $3.85 million. ^[47]
Director Daniel Huttenlocher also trimmed his holdings with smaller sales. ^[48]

Across the last three months, insiders have sold about 82,000 shares, worth just over $19 million, but still retain nearly 10% of the company. ^[49]

Insider selling at mega‑caps like Amazon is common and often linked to compensation and diversification rather than a simple view on valuation, but it’s part of the overall sentiment picture.

Macro backdrop: a shaky December, no guaranteed “Santa rally”

Today’s broader market narrative matters for Amazon, as one of the “Magnificent Seven” stocks that dominate major indices.

A CoinCentral piece on December 1 reports that Wall Street strategists increasingly doubt a traditional “Santa Claus rally” in December 2025: ^[50]

The year has seen unusual volatility, including the “DeepSeek” meltdown in February and surprise tariff announcements from President Trump in April, followed by subsequent pauses.
Options data show investors buying more downside protection rather than betting on seasonal strength.
Markets are now pricing in about an 83% chance of a Fed rate cut in December, up sharply from last week’s ~30%, as growth data wobbles.
S&P 500 profits grew 13.4% in Q3, marking a fourth straight quarter of double‑digit earnings growth, with Big Tech – including Amazon – doing much of the heavy lifting. ^[51]

In plain English: earnings are strong, but sentiment is cautious. For AMZN, that means even positive company‑specific news (like the OpenAI deal and multicloud announcement) is competing with concerns about AI valuations, macro uncertainty and sector rotation.

Longer‑term perspective: what $5,000 in Amazon five years ago would look like

An Australian Motley Fool article published today looks at what would have happened if you had invested $5,000 in Amazon five years ago. While the full piece is paywalled, the public snippet notes that Amazon’s stock price has risen by roughly 47–48% over that period – respectable, but not the explosive gains many associate with earlier stages of its history. ^[52]

Combined with CoinCentral’s estimate of a ~148% three‑year total return and a more modest mid‑single‑digit gain year‑to‑date, the picture is of a company transitioning from “hyper‑growth” to steady large‑cap compounder, with AI and cloud determining whether returns re‑accelerate. ^[53]

Key risks investors are watching

Even in a bullish environment, today’s coverage surfaces several risks around AMZN stock:

AI CapEx vs. returns
Analysts worry that Amazon’s massive AI infrastructure spending might outpace realized returns if demand slows or competition intensifies. ^[54]
Cloud competition & outages
- AWS faces entrenched rivals in Microsoft Azure and Google Cloud.
- The October 20 outage highlighted operational risk and the potential cost of even short disruptions, prompting the new multicloud solution with Google. ^[55]
Labor and automation tensions
- 24/7 Wall St mentions plans to automate hundreds of thousands of jobs; Amazon has also faced repeated labor disputes and strikes in the U.S. and Europe, which can drive regulatory and reputational risk. ^[56]
Regulation and antitrust
As a dominant player in e‑commerce, cloud and digital ads, Amazon remains under scrutiny from U.S. and international regulators. Enforcement actions could affect fees, business practices or even structural separation over a multi‑year horizon.
Consumer and macro sensitivity
As part of the Consumer Discretionary sector, Amazon is exposed to shifts in consumer spending, interest rates and tariff policy. The same macro uncertainty that has strategists questioning a Santa rally could translate into choppier trading for AMZN over the next few months. ^[57]

How today’s news fits into an AMZN stock thesis

Putting all of today’s updates together:

Fundamentals: Amazon is delivering double‑digit revenue growth with expanding margins, led by AWS and advertising. Q3 earnings beat expectations on both the top and bottom line. ^[58]
AI positioning: The OpenAI deal and multicloud partnership with Google reinforce AWS’s role at the center of the AI infrastructure build‑out. ^[59]
Valuation: With a mid‑30s trailing P/E and a forward multiple in the low‑30s, Amazon isn’t cheap in absolute terms but looks broadly in line – or slightly cheaper – than other mega‑cap AI leaders relative to growth expectations. ^[60]
Street view: Most analysts continue to rate AMZN Buy or Strong Buy, with average targets near $295–$296 and some, like Oppenheimer, going above $300. ^[61]
Flow of funds: Institutions are, on balance, adding to positions, while insiders have taken some profits but remain significant owners. ^[62]
Technical tone: Short‑term technicians see a constructive breakout, but they also underscore that broader market volatility and an “AI bubble” narrative could still cause sharp pullbacks. ^[63]

For readers tracking Amazon on Google News or Discover, the bottom line on December 1, 2025 is that AMZN remains one of Wall Street’s preferred large‑cap AI and cloud plays, with fresh bullish commentary and new partnerships strengthening the long‑term growth story – even as macro uncertainty and rich valuations keep near‑term risk elevated.

Disclaimer: This article is for informational and news‑reporting purposes only and does not constitute financial advice, investment recommendation or an offer to buy or sell any security. Always do your own research and consider your financial situation and risk tolerance, or consult a licensed financial adviser, before making investment decisions.

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