Amazon’s free cash flow plummeted from $25.9 billion to just $1.2 billion in a year, sparking investor concern—but its cloud division, AWS, is booming with 28% revenue growth to $37.6 billion, its fastest in 15 quarters. The real test? Whether AWS can sustain this momentum while Amazon keeps capital spending under control. Watch for consistent AWS growth and disciplined spending to gauge if the tech giant’s financial turbulence is turning around.
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