A $10,000 Investment in Amazon When Andy Jassy Took Over Is Worth This Much Today

The article assesses Amazon’s performance since Andy Jassy became CEO in July 2021. A $10,000 investment made at the start of Jassy’s tenure is now worth about $13,466, or a 34.66% return, sharply lagging the S&P 500’s 73.66% gain over the same period. Despite the stock’s underperformance versus the market, the piece argues Amazon’s operating story has improved: AWS reaccelerated, AI-related custom chips and infrastructure commitments are expanding, and advertising has grown into a major revenue stream. The bearish concerns center on heavy capital spending, with roughly $200 billion in 2026 capex, long-term debt rising to $119.1 billion, and free cash flow collapsing 95% to $1.2 billion. The article remains constructive overall, noting analyst optimism and a consensus target of $312.91, but emphasizes that much of the easy stock upside may already have been realized.