$AMZN - MORGAN STANLEY: AWS GROWTH COULD TOP 20% IN 2026 Morgan Stanley says AWS growth may accelerate above 20% in 2026 as new capacity catches up with demand, driven by cloud adoption and generative AI workloads. The bank sees this as a key driver of Amazon’s valuation ($300 base case, $350 bull case). While AWS has lagged Azure in capex, spending is now ramping, with ~$33B expected in 2025 and continued increases into 2026.