Amazon (NASDAQ: AMZN) just delivered an impressive quarter. Its cloud business grew rapidly, operating income climbed, and its overall operating margin reached a record high. Yet its stock fell after the earnings announcement. The reason comes down to a growing concern: Amazon is spending so much on artificial intelligence (AI) infrastructure that its free cash flow has turned negative. I think the market's concern is understandable, but investors shouldn't confuse a cash-flow problem caused by heavy investment with a business that's losing its competitive edge. The important question is whether Amazon can turn today's spending into tomorrow's profits.
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