Amazon.com, Inc. (AMZN) is heading into its quarterly report due after hours on Thursday amid a mixed setup. Shares have declined for seven sessions straight, cumulatively losing over 9% in this period. However, analysts remain overwhelmingly optimistic on the company’s business. Investors will be closely watching growth at its Amazon Web Services unit, which is a proxy for the company’s AI business, and, more importantly, any changes to its capital expenditure targets. Alphabet increased its 2026 CapEx target last week, which pressured shares of hyperscalers including Amazon at the time. Microsoft, reporting on Wednesday, maintained its CapEx view. Amazon has projected its 2026 CapEx to be approximately $200 billion, up sharply from about $131 billion in 2025. AMZN stock was 1.2% higher in early premarket trading on Thursday. Analysts expect Amazon’s second-quarter revenue to rise 17% to $196.45 billion, which would be the fastest growth since the first quarter of 2021, according to consensus estimates from Koyfin. Adjusted profit is seen rising 8% to $1.82 per share. Earlier this week, UBS lowered its price target on AMZN to $305 from $333 while maintaining a Buy rating on the stock, citing higher capital expenditure estimates for 2027 and beyond. UBS made near-term changes to its AWS revenue projections, moving OpenAI’s initial use of Train