Evercore ISI’s Mark Mahaney joins ‘Varney & Co.’ to discuss Amazon’s breakout AWS growth, his new $335 price target and why he’s turning cautious on Meta amid soaring AI spending.
Amazon shares touched a record high Friday, rising over 9%, after strong quarterly results that were driven by its growing cloud business – AWS—which saw a double-digit jump in sales to $30 billion.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 244.22 | +21.36 | +9.58% |
“AWS is growing at a pace we haven’t seen since 2022, re-accelerating to 20.2% year-over-year, our largest growth rate in 11 quarters,” CEO Andy Jassy told investors. He was even more bullish on future growth.
“Backlog grew to $200 billion by Q3 quarter end and doesn’t include several unannounced new deals in October, which together are more than our total deal volume for all of Q3. AWS is gaining momentum. Customers want to be running their core and AI workloads in AWS given its stronger functionality, security and operational performance and the scale I see in front of us gives me significant confidence in what lies ahead,” he added.
Jassy took over the role from then CEO and co-founder Jeff Bezos back in July 2021 and has pushed to expand the tech giant into cloud computing, while also keeping its retail business, which includes Whole Foods, competitive. Earlier this week, the company announced it will eliminate 14,000 corporate jobs.
Amazon and Blue Origin founder Jeff Bezos provides the keynote address at the Air Force Association’s Annual Air, Space & Cyber Conference in Oxen Hill, MD, on September 19, 2018. JIM WATSON/AFP via Getty Images (Jeff Bezos) Photographer: David P (JIM WATSON/AFP / David Paul Morris/Bloomberg / iStock)
Amazon’s shares have advanced about 11% this year, trailing the Nasdaq’s 23% rise and the S&P 500’s 16% advance. Still, the last time the stock traded near these levels was in February 2025.
Over 600 exchange-traded funds count Amazon as the top holding, according to Seeking Alpha which also listed out the top leaders.
An AWS – Amazon Web Services ad board shown inside Century Link Field during an NFL game between the Los Angeles Rams and the Seattle Seahawks on October 3, 2019, at Century Link Field in Seattle, WA. (Jeff Halstead/Icon Sportswire via Getty Images / Getty Images)
ETF INFLOWS TOP $1 TRILLION IN LIGHT SPEED
ETFs That Count Amazon as the Largest Holding
Global X PureCap MSCI Consumer Discretionary ETF: 34.7% allocation
ProShares Online Retail ETF: 24.5% allocation
Fidelity MSCI Consumer Discretionary Index ETF: 22.6% allocation
Consumer Discretionary Select Sector SPDR Fund: 22.3% allocation
Vanguard Consumer Discretionary ETF: 21.5% allocation
Source: Seeking Alpha
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GXPD | GLOBAL X FDS PURECAP MSCI CONSUMER DISCE | 26.95 | +0.97 | +3.75% |
| ONLN | PROSHARES TRUST ONLINE RETAIL ETF | 60.07 | +1.04 | +1.76% |
| FDIS | FIDELITY COVINGTON TRUST MSCI CONSUMER DISCRETIONARY | 102.68 | +2.65 | +2.65% |
| XLY | CONSUMER DISCRETIONARY SELECT SECTOR SPDR ETF | 239.93 | +6.15 | +2.63% |
| VCR | VANGUARD WORLD FUND CONSUMER DISCRETIONARY ETF | 395.62 | +10.07 | +2.61% |
ETFs are having a record year surpassing over $1 trillon of inflows in October, a level historically reached around December.