Deutsche Bank moved first ahead of Amazon’s third-quarter earnings report, raising its forecast for AWS cloud revenue growth to 41% year-over-year in Q3 from 40%, and lifting its Q4 outlook further to 44%. It also raised its 2027 capital expenditure forecast to about $330 billion (roughly NT$10.7 trillion), well above the $290 billion (roughly NT$9.4 trillion) consensus. The bank maintained its Buy rating and $325 price target on Amazon, but the report also raised a core question: whether investors are willing to keep paying for an ever-expanding AI infrastructure bill.
Amazon is scheduled to report third-quarter results after the U.S. market close on October 29. The stock closed at $262 on Tuesday. Deutsche Bank’s report, titled “Q3 2026 Preview: Starting an AWS-Driven Estimate Revision Cycle,” casts the cloud business as the main engine for future profit upgrades, but improved growth expectations come alongside a higher investment scale. Notably, the bank raised only capital…
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