Amazon (AMZN) vs S&P 500
Amazon traded at $250.56 in mid-April 2026 with market capitalization $2.66 trillion (rising to approximately $2.84 trillion by late April). Q4 2025 revenue was $213.4 billion (up 14 percent), with AWS at $35.6 billion (up 24 percent) and advertising services at $21.3 billion (up 23 percent).
Also known as: Amazon (AMZN) (STK_AMZN, Amazon) · S&P 500 ETF (SPY) (ETF_SPY, S&P 500, SPX, SP500)
Why This Comparison Matters
Amazon traded at $250.56 in mid-April 2026 with market capitalization $2.66 trillion (rising to approximately $2.84 trillion by late April). Q4 2025 revenue was $213.4 billion (up 14 percent), with AWS at $35.6 billion (up 24 percent) and advertising services at $21.3 billion (up 23 percent). Amazon crossed the $700 billion annualized revenue run-rate for the first time. SPY closed at $708 on April 23. The pair captures AMZN's dual exposure: e-commerce drives consumer discretionary correlation while AWS drives enterprise AI and cloud capex correlation. The 2026 capex guidance of $200 billion is the largest single-year capex in US corporate history, reflecting AMZN's commitment to AI infrastructure leadership.
Amazon's Position in the S&P 500
Amazon represents approximately 5.5 percent of the S&P 500 in April 2026, the fourth-largest holding behind NVIDIA (7.5 to 8 percent), Apple (7.6 percent), and Microsoft (5.7 percent). The market cap of $2.84 trillion in late April puts AMZN among the five companies above $2.5 trillion (NVDA, AAPL, MSFT, GOOGL, AMZN).
AMZN's SPY weight has been less stable than the other mega-caps because of greater fundamental volatility. The company has gone through multiple capex cycles where margin compression compressed the stock price; the post-2024 AI capex acceleration is the latest such cycle. Through November 2022 to April 2026, AMZN has gained approximately 195 percent (from $85 to $250 area), outperforming SPY (~75 percent over same window) but well below NVIDIA (540 percent).
AWS as the Dominant Profit Engine
AWS Q4 2025 revenue was $35.6 billion (up 24 percent year-on-year), implying annualized revenue of $142 billion. AWS represents approximately 17 percent of Amazon's total revenue but produces approximately 65 percent of operating income at roughly 35 percent operating margin (versus retail at 5 to 7 percent margin). The profit concentration in AWS makes it the dominant valuation driver despite e-commerce being the larger revenue line.
AWS AI-specific revenue (Bedrock managed AI service, SageMaker model training, Trainium and Inferentia custom AI chips) crossed $10 billion in annualized run-rate by Q4 2025 and was growing triple-digit percentages year-on-year. The AI line is the fastest-growing component of AWS and the strongest argument for sustained AMZN versus SPY outperformance. Q4 2025 AWS growth of 24 percent is the highest in 6 quarters, suggesting the AI capex investment is translating into customer demand.
The $200 Billion 2026 Capex Commitment
Amazon guided to approximately $200 billion in capital expenditures for 2026, the largest single-year capex commitment in US corporate history. The capex compares to approximately $100 billion in 2025 (already historic) and $48 billion in 2023. The capex is concentrated in three areas: AWS data center construction (approximately $130 billion), AI accelerator purchases (approximately $40 billion, mostly NVIDIA plus Amazon's own Trainium silicon), and retail fulfillment infrastructure (approximately $30 billion).
Conditional Forward Response (Tail Events)
How S&P 500 ETF (SPY) has historically behaved in the 5 sessions following a top-decile or bottom-decile daily move in Amazon (AMZN). Computed from 1,281 aligned daily observations ending .
Following these triggers, S&P 500 ETF (SPY) rises 0.22% on average over the next 5 sessions, versus an unconditional baseline of +0.23%. 129 qualifying events; S&P 500 ETF (SPY) closed positive in 57% of them.
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Frequently Asked Questions
What is AMZN's market cap?+
Amazon traded at $250.56 in mid-April 2026 with market capitalization $2.66 trillion. Late April market cap was approximately $2.84 trillion. The company is among the five US companies above $2.5 trillion (NVDA, AAPL, MSFT, GOOGL, AMZN). AMZN represents approximately 5.5 percent of the S&P 500 (fourth largest holding). The market cap reflects 2025 revenue of $716.92 billion (up 12.38 percent YoY), $700 billion annualized run-rate milestone reached, and the 2026 capex guidance of $200 billion (largest single-year capex in US corporate history).
How big is AWS?+
AWS Q4 2025 revenue was $35.6 billion (up 24 percent year-on-year), implying annualized revenue of $142 billion. AWS represents approximately 17 percent of Amazon's total revenue but approximately 65 percent of operating income at roughly 35 percent operating margin. AWS holds approximately 32 percent of cloud infrastructure market share, ahead of Microsoft Azure (25 percent) and Google Cloud (11 percent). AWS AI-specific revenue (Bedrock, SageMaker, Trainium, Inferentia) crossed $10 billion in annualized run-rate by Q4 2025 and is growing triple-digit percentages year-on-year. The Q4 2025 24 percent growth was the highest in 6 quarters.
What is the $200 billion 2026 capex?+
Amazon guided to approximately $200 billion in capital expenditures for 2026, the largest single-year capex commitment in US corporate history. The capex compares to approximately $100 billion in 2025 and $48 billion in 2023. Allocation: AWS data center construction (~$130 billion), AI accelerator purchases (~$40 billion, mostly NVIDIA plus Amazon's own Trainium silicon), and retail fulfillment infrastructure (~$30 billion). The commitment exceeds Microsoft's $110 to $120 billion FY26 guidance. Combined hyperscaler AI capex for 2026 across AMZN, MSFT, GOOGL, META, and ORCL is approximately $400 to $500 billion.
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