Amazon.com Inc. climbed 1.1% last week, but its $25 billion eight-tranche bond sale drew about $62 billion in orders—roughly 2.5 times what was offered—as Amazon looks to raise cash for AI investments. Seven fixed-rate tranches totaling $24.25 billion carry a weighted coupon of about 5.39%, equating to around $1.31 billion in annual coupon payments, with a $750 million floating-rate tranche pushing the yearly total higher. That fixed bill is about 6% higher than Amazon’s most recent $1.23 billion in trailing 12-month free cash flow as of March 31; operating cash flow was $148.5 billion, and property and equipment spending was $147.3 billion. Amazon finished Friday down 0.69% at $245.34, while the Nasdaq Composite added 0.29%. For the week, Amazon added 1.10%, beating Alphabet (down 0.76%) and Microsoft (down 1.38%), but lagging the Nasdaq’s 1.70% weekly gain. The bond sale represents just 12.5% of the $200 billion Amazon expects to spend on capex in 2026, which includes data centers. CEO Andy Jassy said in April that customer commitments drive AWS spend, with some new capacity not bringing revenue until 2027 or 2028. Separately, UK regulators will start direct supervision