Amazon (AMZN) Stock on November 30, 2025: AWS–OpenAI Mega Deal, Holiday Sales Momentum and Analyst Outlook

Amazon.com, Inc. (NASDAQ: AMZN) is heading into December 2025 with a powerful mix of AI-driven cloud growth and robust holiday demand, but also with a valuation that is starting to make some professionals nervous.

Amazon stock price today: still near record highs

U.S. markets are closed today (Sunday), so the latest trading data for Amazon stock is from Friday, November 28. AMZN last traded around $233.22 per share, up about 1.8% on the day, according to real‑time quote data.

That puts the stock:

Roughly 10% below its 52‑week high of $258.60, reached earlier this month. ^[1]
About 45% above its 52‑week low of $161.38, set within the past year. ^[2]

Macrotrends and other historical data trackers also show that Amazon’s all‑time high closing price came on November 3, 2025, at around $254 per share, highlighting how little the stock has actually given back despite recent volatility. ^[3]

With a market capitalization around $2.5 trillion and a trailing price‑to‑earnings ratio near 35–36, Amazon is firmly in mega‑cap growth territory rather than “bargain bin” status. ^[4]

Q3 2025 earnings: revenue acceleration and margin expansion

The fundamental backdrop for that valuation is strong. On October 30, Amazon reported third‑quarter 2025 results that beat Wall Street expectations on both revenue and earnings. ^[5]

Key numbers from Q3 2025:

Net sales: $180.2 billion, up 13% year over year from $158.9 billion. ^[6]
North America segment: $106.3 billion in sales, up 11% from the prior year. ^[7]
Operating income: $17.4 billion, including $4.3 billion in special charges; excluding those, operating income would have been about $21.7 billion. ^[8]
EPS: $1.95 vs. analyst consensus of $1.57, a sizable upside surprise. ^[9]

Behind the headline numbers, Amazon’s profitability mix is shifting:

In North America, operating income jumped around 28% on just 11% revenue growth, helped by logistics efficiencies and AI‑driven optimization in fulfillment and delivery networks. ^[10]
Advertising remains a quiet powerhouse: Amazon Ads generated about $17.7 billion in Q3 revenue, up roughly 24% year over year, offering high‑margin growth separate from retail and cloud. ^[11]

Management and third‑party analyses also highlight that trailing 12‑month free cash flow has turned materially positive again, after the post‑pandemic investment binge, even if some analysts argue it is still not as robust as they would like at this valuation. ^[12]

AWS, OpenAI and Kiro: Amazon’s escalating AI bet

The biggest narrative for AMZN in late 2025 is not e‑commerce, but AI infrastructure via Amazon Web Services (AWS). Several developments over the past month are central to how investors are thinking about the stock today.

The $38 billion OpenAI cloud deal

Earlier in November, Amazon and OpenAI announced a multi‑year strategic partnership under which OpenAI will run a large portion of its advanced AI workloads on AWS. The deal is valued at $38 billion over seven years, and includes access to Amazon EC2 UltraServers with “hundreds of thousands” of Nvidia GPUs and the ability to scale to “tens of millions” of CPUs for agentic AI workloads. ^[13]

Analysts and commentators have framed this as:

One of the largest AI infrastructure contracts ever signed, restoring confidence that AWS can compete head‑on with Microsoft Azure and Google Cloud in high‑end AI workloads. ^[14]
A major driver of backlog: TD Cowen and other firms estimate AWS’s contracted pipeline at around $200 billion, not including some recent AI deals inked in October. ^[15]

Some forecasts now project AWS revenue could reach roughly $128 billion in 2025 and more than $340 billion by 2030, implying low‑20% compound annual growth. AWS operating income is modeled rising from about $45.9 billion in 2025 to nearly $118 billion by 2030 in those bullish scenarios. ^[16]

$50 billion for U.S. government AI supercomputing

In parallel, AWS announced a commitment of up to $50 billion to expand AI and high‑performance computing capacity for U.S. government customers, starting construction in 2026. The initiative aims to add about 1.3 gigawatts of computing capacity across Amazon’s classified cloud regions, giving federal agencies access to tools such as SageMaker, Bedrock, Nova and Anthropic’s models. ^[17]

This move is explicitly framed as part of a broader U.S. effort to stay ahead in the AI race with China, and it reinforces AWS’s role as structurally embedded in both commercial and government AI workloads. ^[18]

Trainium, Project Rainier and AI chips

Recent commentary from The Motley Fool and others has highlighted Amazon’s push into custom AI silicon and dedicated AI clusters:

AWS’s Trainium chips are now reported to be at a multi‑billion‑dollar revenue run rate, with growth above 150% quarter over quarter in Q3 2025. ^[19]
Amazon has built one of the world’s largest AI clusters, Project Rainier, for Anthropic, powered by its Trainium 2 chips. ^[20]

The big-picture takeaway: AWS is not just renting generic GPUs; Amazon is trying to own more of the AI computing stack, from chips to data centers to foundation models and agent frameworks.

Kiro: in‑house AI coding assistant

On November 25, Reuters reported that Amazon had circulated an internal memo urging engineers to favor its own AI code‑generation tool, Kiro, over third‑party assistants like OpenAI Codex, Anthropic Claude Code and Cursor. ^[21]

The memo:

Reiterated that Amazon has invested around $8 billion in Anthropic and has a $38 billion cloud deal with OpenAI, but still wants internal developers building with Kiro first. ^[22]
Underscored that Kiro is being rolled out globally inside Amazon, with employees asked to “aggressively improve” it through usage and feedback. ^[23]

For investors, Kiro matters less as a standalone product and more as evidence that Amazon intends to own its AI tooling stack end‑to‑end, rather than being dependent on outside vendors—even when those vendors are also multi‑billion‑dollar cloud customers.

Holiday quarter: record online spending, Amazon discounts and labor tension

The 2025 holiday season is now in full swing, and it matters enormously for Amazon’s retail, advertising and Prime businesses.

Black Friday and Thanksgiving: AI tools meet cautious consumers

According to Adobe Analytics and Salesforce data summarized by Reuters, U.S. online Black Friday sales hit a record $11.8 billion, up about 9.1% from last year. AI‑powered shopping tools were cited as a major driver of that growth, with AI‑driven traffic to U.S. retail sites up more than 800% year over year as shoppers used chatbots to find deals. ^[24]

Other key points from the same reporting:

E‑commerce sales on Black Friday grew around 10%, while brick‑and‑mortar spending barely budged. ^[25]
Order volumes actually ticked slightly lower, but average selling prices rose about 7%, suggesting consumers are buying fewer items at higher prices. ^[26]

Earlier in the week, Adobe Analytics and Salesforce also reported that online Thanksgiving Day spending reached roughly $6.4 billion, up 5.3% year over year, although growth was slower than in 2024. ^[27]

This environment plays directly into Amazon’s strengths: scale, logistics density and an AI‑heavy shopping experience (including tools like Amazon’s “Rufus” shopping assistant), even as consumers become more price‑sensitive. ^[28]

Amazon’s holiday promotions and stock reaction

Investor’s Business Daily reported that Amazon pushed discounts of up to 55% on select categories and used its NFL broadcast rights to put its brand and promotions in front of tens of millions of viewers during the Thanksgiving period. ^[29]

JPMorgan estimates Amazon’s share of U.S. e‑commerce at roughly 46%, reinforcing why its promotional posture tends to set the tone for the entire online retail industry. ^[30]

The same article noted that AMZN stock:

Rallied more than 1% to about $231.83 on Black Friday.
Bounced off its 21‑day moving average after a choppy month driven by AI‑valuation debate and macro worries. ^[31]

TipRanks data shows that the National Retail Federation expects U.S. holiday retail sales (November and December) to grow between 3.7% and 4.2%, with online spending up about 7.5% year over year in early November. Amazon kicked off its Black Friday deals on November 20, running them all the way through Cyber Monday on December 1. ^[32]

Worker strikes and FAA probe: operational and regulatory risks

Not all holiday headlines have been positive for Amazon:

On Black Friday, about 3,000 workers at Amazon warehouses in Germany walked off the job in a push for a collective bargaining agreement, according to the Verdi union. Amazon said the strike would not affect customer orders, noting it has around 40,000 permanent logistics employees in Germany plus 12,000 seasonal workers. ^[33]
In Texas, a Prime Air delivery drone struck and brought down an internet cable in Waco, triggering an FAA investigation, although no injuries or widespread outages were reported. Amazon said it paid for repairs and noted that the drone still successfully delivered the package. ^[34]

Neither issue appears to be financially material in the short term, but both highlight the execution and regulatory risks that come with Amazon’s push into drones and high‑throughput logistics.

How Wall Street views Amazon stock right now

Despite the rally and a rich valuation, AMZN remains one of the most favored mega‑cap stocks on Wall Street.

Analyst ratings and price targets

According to MarketBeat’s latest compilation:

61 analysts currently cover Amazon.
The average recommendation is “Moderate Buy”, with 56 Buy, 1 Strong Buy, 3 Hold and 1 Sell ratings.
The average 12‑month price target is about $295.78, implying roughly 27% upside from Friday’s close near $233. ^[35]

Other aggregators are even more bullish:

StockAnalysis labels Amazon a “Strong Buy”, with the vast majority of analysts in the Buy camp and none rating it a Strong Sell. ^[36]
Benzinga’s analyst‑rating summary shows a consensus target around $287, with recent high targets in the $300–$335 range from firms like Evercore ISI and others. ^[37]
24/7 Wall St notes a median one‑year target of about $295, similar to MarketBeat’s figure, and characterizes the consensus rating as “Strong Buy” across 40‑plus analysts. ^[38]

In short, the Street is overwhelmingly positive on AMZN, expecting mid‑to‑high‑teens earnings growth as AWS and advertising scale and retail continues to benefit from automation and AI. ^[39]

Valuation pushback

Not everyone is comfortable with the price. Recent articles on Seeking Alpha argue that:

Amazon’s valuation is “hard to justify” at current levels, with the stock trading around what some models see as intrinsic value and offering limited margin of safety. ^[40]
Despite strong AWS growth and solid e‑commerce trends, free cash flow remains under pressure if one adjusts for stock‑based compensation and high capital expenditures. ^[41]

24/7 Wall St, while broadly bullish long term, actually uses a more conservative near‑term view than the Street as a whole:

It pegs a year‑end 2025 fair value around $250.85, only about 9% above today’s price, but models a long‑term path to $524.67 per share by 2030 if revenue reaches roughly $1.15 trillion and net income about $131 billion. ^[42]

Those more cautious takes don’t negate the dominant bullish consensus, but they do underline the central investor question now: how much future AI and cloud growth is already priced in?

What today’s commentary is saying about AMZN

Much of the November 30, 2025 conversation around Amazon stock is coming from market commentary, blogs and analyst notes published over the last 24–48 hours:

A widely shared Motley Fool piece describes Amazon as the “ultimate growth stock to buy with $1,000 right now”, emphasizing the combination of accelerating AWS growth, AI‑enhanced logistics and a still‑reasonable forward P/E versus other mega‑retailers like Costco and Walmart. ^[43]
Another Motley Fool and related coverage place Amazon in the middle of the “Magnificent Seven” rankings for 2026, noting it as a premier way to invest in cloud and AI infrastructure, while also flagging weaknesses in areas like free cash flow and competitive pressures. ^[44]
A Finviz‑syndicated Insider Monkey article highlights the 20.2% year‑over‑year acceleration in AWS revenue, a multi‑billion‑dollar Trainium chip business growing triple‑digits, and the OpenAI deal as reasons TD Cowen reiterated a $300 price target and Buy rating last week. ^[45]
Options‑focused commentary suggests that selling secured out‑of‑the‑money puts on AMZN has been an attractive strategy for bullish investors who are comfortable owning the stock at lower strike prices, reflecting confidence that major support lies well above the 52‑week low. ^[46]

Taken together, the tone of today’s coverage is decidedly optimistic, with most debate focused not on whether Amazon is a good business (that part is settled), but on whether investors are paying too much for its AI‑heavy future.

Key risks to monitor

For anyone tracking AMZN from here, the main risk factors emerging from recent news flow include:

Valuation and AI bubble risk
- Market commentary continues to warn that AI‑driven cloud deals, including the $38 billion OpenAI contract, could be fueling an unsustainable capital‑spending bubble across the industry. ^[47]
Execution risk in AI and cloud
- Amazon must simultaneously ramp capacity for OpenAI, Anthropic and U.S. government workloads, roll out its own models (like Nova) and keep Trainium/Nitro hardware on an aggressive roadmap—all while defending market share against Microsoft, Google and Oracle. ^[48]
Labor and regulatory pressure
- Strikes in Germany, FAA scrutiny of drone operations and ongoing global antitrust attention around Big Tech are all reminders that Amazon’s scale brings political and regulatory attention wherever it goes. ^[49]
Consumer‑spending sensitivity
- Holiday sales are hitting records in dollar terms, but volume data suggests consumer budgets are tight, with fewer items per order and higher average prices. A sharper economic slowdown or tariff shock would hit both retail and advertising demand. ^[50]

Bottom line: Amazon stock after November’s AI and holiday surge

As of November 30, 2025, Amazon stock sits in a sweet spot of strong fundamentals, huge AI optionality and elevated expectations.

The Q3 2025 earnings beat, accelerating AWS growth, a historic $38 billion OpenAI deal and a $50 billion government‑cloud commitment give bulls plenty of ammunition. ^[51]
Record online Black Friday spending, AI‑driven shopping tools and Amazon’s deep discounting campaign suggest the holiday quarter could again surprise on revenue and profit. ^[52]
Wall Street’s consensus still calls for double‑digit earnings growth and 25–30% upside over the next year, though a growing minority argues that the stock is now close to fairly valued given free‑cash‑flow and macro risks. ^[53]