Amazon Q3: Faster Growth, Lower Multiple, What's Missing?

Amazon.com, Inc. heads into Q3 earnings on October 29 at about 16.6x trailing cash flow, cheaper than Alphabet and Microsoft at around 21x, even though its earnings are growing faster. AWS growth and backlog are outpacing capex, with AWS revenue up 36.7% and backlog surging from $200B to $496B, supporting a bullish setup into earnings. AMZN's own chips and cheap borrowing are turning the capex into a moat, especially with CoreWeave's bonds now trading near 16% as credit tightens around the companies that borrowed too.