Amazon is trading near its all-time high of $254, but the growth numbers look strong. AWS revenue was up 20.2% year over year in Q3 to $33 billion. The backlog for the cloud unit has hit $200 billion, mostly driven by companies spending on AI infrastructure. They are planning around $125 billion in capital expenditures for 2025 to keep expanding data centers. The advertising side is also becoming a huge factor. Ad revenue increased 22% to $17.7 billion last quarter. Since advertising has higher margins than retail or AWS, it's boosting profitability. One analyst expects ads to account for 35% of Amazon's total operating income next year.