Amazon.com Inc (NASDAQ:AMZN) faces a prove-it moment as investors question whether Big Tech’s AI data-center spending can scale without crushing free cash flow, and Thursday is the verdict when the tech giant reports quarterly earnings.

Amazon.com stock is showing upward movement.

Why is AMZN stock advancing?

AMZN Earnings Preview: What To Watch On July 30 Thursday’s print is a direct test of whether Amazon can keep accelerating growth while convincing the market its AI capex cycle won’t overwhelm near-term cash generation.

EPS Estimate: $1.82 (Up from $1.68 YoY) — EPS expectations imply Amazon must show operating leverage is holding up even as AI infrastructure costs rise.