• The first-quarter revenue consensus estimate stands at $117.17 billion, and earnings per share is estimated at $1.64, according to Fiscal AI.
• Investors will be on the lookout for commentary on the current data center environment and changes in spending plans, among other things.
• Mizuho recently raised its price target to $325, implying an upside of more than 25% as of Tuesday’s closing price.

Shares of Amazon.com Inc. (AMZN) hit a fresh all-time high on Wednesday as it gears up to report its first-quarter results after markets close today.

At the time of writing, the stock rose as much as 2.4% to hit $265.91, while trading volume was at over 32 million shares, below its three-month average of 51.79 million.

The revenue consensus estimate stands at $117.17 billion, and earnings per share (EPS) at $1.64, according to data from Fiscal AI. The firm’s EPS has beaten estimates for 12 consecutive quarters, while revenue has surpassed estimates for six.

All Eyes On Data Center Commentary

Among other things, investors will be on the lookout for commentary on the current data center environment, as hyperscalers rush to build out their artificial intelligence infrastructure due to soaring demand. 

They will also closely watch the company’s spending plans, which were last estimated at $200 billion this year, the highest among its “Magnificent 7” peers, Meta (META), Microsoft (MSFT), and Alphabet (GOOG, GOOGL).

Deal With Meta

This month, the company struck a multibillion-dollar” deal with rival Meta to supply its AWS Graviton chips. The partnership reflects a collaborative stance, as they join hands to advance each other’s missions in the lucrative AI sector rather than compete without each other’s support.

“The deal reflects a shift in how AI infrastructure gets built: while GPUs remain essential for training large models, the rise of agentic AI is creating massive demand for CPU-intensive workloads,” Amazon said in a statement last Friday.

On Tuesday, Reuters reported that the company introduced new AI agents for hiring and supply chain management with ​little to no human intervention at its AWS event. 

The new software, called Connect Talent, will help firms find, screen, and recruit workers needed for large-scale hiring, such as retailers during the peak holiday selling season, the report said.

Analyst Action

On Tuesday, Mizuho upped its estimates for the company to reflect incremental disclosures about scaling chip and AI revenue at Web Services, as well as new cloud deals with OpenAI, Anthropic, and Meta, TheFly reported. The firm has a price target of $325, implying an upside of more than 25% as of the last closing price.

Oppenheimer also raised its price target on AMZN this week to $275, implying nearly 6% upside. 

Of the 67 analysts on Wall Street covering the stock, 62 rate it ‘Buy’ or higher and five ‘Hold,’ according to Koyfin data.

Retail Sentiment Ahead Of Earnings

On Stocktwits, retail sentiment about AMZN turned ‘bullish’ from ‘neutral,’ while message volumes turned ‘high’ from ‘normal’ over the last 24 hours.

One user on the platform thinks the company, and its “Mag 7” peers, will flag concerns about power constraints from high data center consumption.

Another user thinks the stock will hit $300 after the earnings report.

AMZN has outperformed the benchmark S&P index so far this year and over the last 12 months.

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