Bill Baruch thinks Amazon can dig out of its recent weakness. CapEx is the elephant in the room, but his focus is AWS and whether growth keeps re-accelerating. He says a print in the low 40s percent would send shares higher. He also wants a better timeline on CapEx, since pulling spending in from 2028 could be a very bullish catalyst and let the stock rerate. The chart gives him comfort, with support from the late July gap near 235 and the stock sitting at its 200 day moving average. A good report could carry it to 265 or 275. He also pointed to the AI backlog and expects the consumer to keep leaning on Amazon. Watch the full discussion here.