Amazon stock hits record, lights up ETFs
Amazon shares touched a record high Friday, rising over 9%, after strong quarterly results that were driven by its growing cloud business – AWS—which saw a double-digit jump in sales to $30 billion.
"AWS is growing at a pace we haven't seen since 2022, re-accelerating to 20.2% year-over-year, our largest growth rate in 11 quarters," CEO Andy Jassy told investors. He was even more bullish on future growth.
"Backlog grew to $200 billion by Q3 quarter end and doesn't include several unannounced new deals in October, which together are more than our total deal volume for all of Q3. AWS is gaining momentum. Customers want to be running their core and AI workloads in AWS given its stronger functionality, security and operational performance and the scale I see in front of us gives me significant confidence in what lies ahead," he added.
Jassy took over the role from then CEO and co-founder Jeff Bezos back in July 2021 and has pushed to expand the tech giant into cloud computing, while also keeping its retail business, which includes Whole Foods, competitive. Earlier this week, the company announced it will eliminate 14,000 corporate jobs.
AMAZON CUTTING 14,000 CORPORATE JOBS
Amazon's shares have advanced about 11% this year, trailing the Nasdaq’s 23% rise and the S&P 500’s 16% advance. Still, the last time the stock traded near these levels was in February 2025.
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Over 600 exchange-traded funds count Amazon as the top holding, according to Seeking Alpha which also listed out the top leaders.
ETF INFLOWS TOP $1 TRILLION IN LIGHT SPEED
Global X PureCap MSCI Consumer Discretionary ETF: 34.7% allocation
ProShares Online Retail ETF: 24.5% allocation
Fidelity MSCI Consumer Discretionary Index ETF: 22.6% allocation
Consumer Discretionary Select Sector SPDR Fund: 22.3% allocation
Vanguard Consumer Discretionary ETF: 21.5% allocation
Source: Seeking Alpha
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ETFs are having a record year surpassing over $1 trillon of inflows in October, a level historically reached around December.
