Amazon stock is down about 11% year-to-date, but Wall Street is starting to lean more bullish again.

The shift comes as AWS growth reaccelerates, driven by strong demand for AI workloads.

At the same time, Amazon’s advertising business continues to scale into a larger profit driver, giving the company a stronger long-term earnings base.

That’s what makes the stock interesting right now.

Amazon is pulling its business in two directions at once. Demand across cloud and AI is clearly strengthening, but the company is also preparing to spend heavily to support that growth.

• Market cap: $2.14 trillion

• Enterprise value: $2.20 trillion

• Share price: $201

• Analysts’ avg target price: $281 (40% implied upside)

• 2-Year…