Amazon Shares at $258.81 After AWS Q1 Beat, Capex and Debt Temper Rally

Amazon.com Inc shares trade near $258.81 following Q1 earnings that beat estimates with total revenue of $181.52B (+17% YoY) and EPS of $2.78 versus $1.73 expected, propelled by AWS growth of 28% to $37.59B at 38% operating margin and ~7 GW AI compute deals from OpenAI and Anthropic. A $16.8B pre-tax Anthropic investment gain aided results, but Q1 capex hit $44.2B, long-term debt rose to $119.1B, and trailing free cash flow plunged 95% to $1.2B after a 31% one-month stock rally. Management guided Q2 revenue to $194–$199B, leaving sentiment mixed on cloud strength versus capital intensity.