TradingKey – Amazon (AMZN) starts October with AWS reporting its best growth in 4.5 years. Advertising is also growing quickly and the retail business is improving. AMZN closed at $259.92 on October 7, up 1.42% for the day after gaining 1.95% on October 6. The company is now valued at $2.80 trillion.

What I find interesting is that I no longer consider Amazon’s AI spending a defensive investment. The high-30% growth rate of AWS has returned, the AI and chip businesses both have $25 billion+ annualized run rates, advertising and retail are also improving. The biggest concern is whether Amazon can keep up this growth and fend off competition as the company continues to build out its infrastructure. Capital expenditures are expected to…