Amazon Stock Gains Fuel Uptrend: Wall Street Focuses on Massive $496 Billion AWS Order Backlog

Amazon's stock surged over 5% on Monday, driven by improved market risk appetite and strong AWS performance. BNP Paribas analyst Nick Jones reiterated an Outperform rating and raised the price target to $355, citing better-than-expected Q2 results and a massive $496 billion AWS order backlog. The analyst also highlighted AWS's significant growth potential, possibly reaching a $1 trillion business, and strong AI business tracking.