AMZN

No bank card? No address?

The Roundhill Magnificent 7 ETF has been mostly rangebound since last fall apart from what was ultimately a short-lived breakout to new highs earlier this spring. As of Friday's close, the ETF was up over 10% off that low, meaning it is no longer in a correction, technically speaking.

Amazon is launching Amazon Supply Chain Services, leveraging its logistics infrastructure for external customers beyond its core e-commerce, AWS, and advertising businesses. ASCS targets residential parcel delivery, offering lower rates and simpler pricing to attract third-party volume, improving network utilization and operational efficiency. Base and strong case scenarios suggest ASCS could contribute 2–5% of annualized operating income, with the primary benefit being cost savings in Amazon's retail logistics.

Valuations for these tech titans have fallen to multiyear lows. More importantly, however, they continue to generate robust financial results.

The market is selling Amazon over falling free cash flow, a $200 billion capex program, and circular AI financing, whilst I see all three as reasons to buy. Advertising generated $17.24 billion in the quarter, with software-like margins that the market still values as part of a retailer. Retail automation is a second catalyst. AWS backlog stands at $364 billion (excluding a $100B+ Anthropic deal), with diversified customers and custom silicon driving competitive advantage.

As the cost of AI infrastructure continues to increase, Morgan Stanley says Big Tech capital expenditures are on track to hit new records.

I hit the buy button on Amazon (NASDAQ:AMZN | AMZN Price Prediction) again last week, and I plan to do it again this month.

Max Kettner, HSBC's chief multi-asset strategist, argued on CNBC's Closing Bell Overtime on July 7, 2026, that mega-cap tech business models have “fundamentally changed in terms of taking on debt and being cash flow negative,” but the real story is that Wall Street walks into Q2 earnings expecting the worst on capex, which sets up a beat with real fuel behind it.

Ted Thatcher talks about his expectations for the second quarter of the earnings season believing Amazon (AMZN), Alphabet (GOOGL) and Meta Platforms (META) have strong stories right now. He looks inside the recent divergence between hyperscalers and chipmakers and says he expects more chops on semiconductors.

The megacap companies funding AI expansion have issued nearly $250 billion in debt this year.