Amazon.com Inc. shares have largely climbed on the back of two trends: strength in its cloud business and a focus on costs. Now both could be in question.

The pressure is on Amazon.com to deliver on lofty expectations for cloud computing in its fourth-quarter results on Thursday, after Microsoft and Google's lackluster reports jolted investor faith in Big Tech's billion-dollar investments in AI.

Amazon is under pressure to deliver strong cloud computing results due to disappointing performances from Microsoft and Google. AWS is expected to see its strongest revenue growth in eight quarters, aided by AI investments and integrating DeepSeek's AI models.

Amazon spent $26.3 billion in capital expenditures in the last three months of 2024, the vast majority of which went toward AI-related projects within AWS