TLDR Amazon stock rebounds above $260 as Pershing Square highlights AWS growth and retail strength Pershing Square sees stronger AWS growth as AI demand boosts Amazon’s cloud business Amazon
Amazon (AMZN) shares traded near $261.21 after rebounding sharply from about $258 during Tuesday’s session. The recovery lifted the stock above $260 after the early decline. Meanwhile, Pershing Square highlighted Amazon’s AI expansion and retail growth in its second-quarter 2026 investor letter.
Amazon closed at $261.31 on August 17, with a market value of $2.82 trillion. The stock gained 5.56% over one month, while its 52-week return reached 14.60%. Shares moved higher after falling toward $258 earlier.
The rebound placed $260 back into focus after the earlier decline. However, prices near $261.20 to $261.50 formed the immediate trading range after the recovery. The move also followed broader gains during 2026.
Pershing Square reported that Amazon shares gained 14% during the second quarter and 3% year-to-date. The firm also said spending on AWS data centers continued to weigh on the stock. Amazon’s operating results also showed stronger growth across cloud and retail.
Amazon Web Services recorded revenue growth above 30% in 2026, compared with 20% growth during 2024 and 2025. Pershing Square linked the faster AWS growth to increasing adoption of artificial intelligence services. AWS remains central to Amazon’s technology and cloud business.
Amazon has continued expanding data center capacity as demand for cloud computing and AI services increases. However, capital spending remains a major infrastructure investment. Pershing Square said those concerns did not reflect Amazon’s business resilience.
Amazon also reported strong company-wide results during the first quarter of 2026. Revenue increased 17% year over year to $181.5 billion during that period. Consequently, the results showed continued sales growth across Amazon’s major operations.
Amazon’s retail business recorded 15% unit volume growth during the first quarter of 2026. Pershing Square identified that increase as the fastest pace since 2021. The retail gains added another growth driver alongside the company’s expanding cloud operations.
Amazon’s online marketplace remains central to retail operations across multiple categories and regions. Additionally, the company continues developing logistics, fulfillment, advertising, and technology services around its retail platform. These operations support Amazon’s broader commerce business and revenue base.
Amazon also ranked among the most widely held stocks across hedge fund portfolios in the first quarter. A database cited by Pershing Square showed 353 hedge funds held Amazon shares at quarter-end. That figure compared with 381 portfolios during the previous quarter, reported for comparison.
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