Amazon Q3 Earnings: A $220 Billion Bet Wall Street Doesn't Understand

Amazon.com, Inc.'s Q3 selloff reflects concerns over its $220B AI investment cycle and negative free cash flow, despite strong operating performance. AMZN's AWS revenue surged 39% YoY, while operating income jumped 55%, demonstrating that AI investments are already contributing to profitability. North American retail operating income increased 82%, providing another powerful earnings driver beyond cloud computing.