Amazon shares have room to run as AWS AI backlog hits $35B, UBS says

Amazon.com Inc (NASDAQ:AMZN) is significantly underappreciated by Wall Street as artificial intelligence commitments pile up in its cloud division, UBS says, maintaining a Buy rating on the stock with a $333 price target. The bank's analysis found that Bedrock, Amazon's AI model platform, carries roughly $35 billion in backlog as of the end of Q1 2026, representing approximately 300% year-over-year growth.