Wells Fargo lowered the firm’s price target on Amazon.com (AMZN) to $304 from $305 and keeps an Overweight rating on the shares. Compute capacity is key success factor as AI-driven demand to materially exceed supply near to medium term, the firm says. Wells believes hyperscaler capacity will double to 98GW on annual CapEx reaching $860B by 2027, while cloud industry will grow meaningfully faster than consensus view.
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