Amazon (NASDAQ:AMZN) spent $77.3 billion on property and equipment in the third quarter, more than twice the $35.1 billion it spent a year earlier, according to the tech giant's latest earnings report released earlier today. That spend helped Amazon Web Services (AWS), the company's cloud business, deliver its best growth in almost five years -- 39% year over year -- but investors are still weighing whether they're comfortable with the enormous scale of AI capital expenditures. Companywide sales rose 12%, reaching $201.9 billion, while earnings per share (EPS) came in at $1.89, less than the $1.95 per share earned a year earlier. Both figures were below Wall Street's targets, though Amazon says shifting its massive "Prime Day" sale out of Q3 left about 4 percentage points of revenue growth on the table. And on the bottom line, the EPS hit was partly due to an unusually strong Q3 last year when the company recorded a $9.5 billion pretax gain on its stake in Anthropic, the maker of Claude.
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