Amazon Slides Near $248 as Cramer Calls AI Chips Nvidia Threat

Amazon shares fell about 3% intraday to near $248 on June 3 amid regulatory scrutiny and macro pressures even as bullish AI developments accelerated. The two-week arc began with May announcements of a $200 billion AI infrastructure build-out and AWS hitting a $150 billion annual run rate that drove 60% of operating income. Key milestones include 28% Q1 AWS growth, one million robots paired with 30,000 job cuts, custom Trainium and Graviton chips scaling toward a potential $50 billion run rate, and strong Claude-driven Bedrock margins. The period culminated with Jim Cramer reversing course to label Amazon’s AI chips a credible threat to Nvidia.