Amazon Adds Corning Fiber Deal as AMZN Retreats From Record Highs

Amazon shares trade under pressure near $253, down from a record $278.56, as heavy capex concerns offset a wave of landmark AI and partnership deals. The story began May 27 with the GenAI Creators Fund launch, accelerated June 1 when Amazon's Anthropic stake surged to $74.2B on paper, then peaked June 4 with Pinterest's $4B AWS cloud deal and the unveiling of the Proteus AI robot alongside a €10B European fulfillment expansion. The latest development is a multi-billion-dollar optical fiber supply agreement with Corning, reinforcing Amazon's ~$200B 2026 capex commitment but adding to investor concerns about spending fatigue. Truist holds a $320 Buy target, UBS $333, and BofA $310, as AWS Bedrock backlog sits near $35B — up ~300% year-over-year.