Morgan Stanley expects the One Big Beautiful Bill has the potential to pull forward billions of dollars of cash flow for the large technology companies. Amazon is the largest beneficiary with an expected $15B of annual free cash flow benefit between 2025 and 2027 and $11B in 2028, the analyst tells investors in a research note. The firm believes most of the benefit will be reinvested in Amazon Web Services, but says that even investing 50% of the annual cash flow can drive a “much faster path to billions of annual automation savings.” It keeps an Overweight rating on Amazon with a $300 price target
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