Amazon (NASDAQ: AMZN) is currently trading at $232.11, down 6.12% over the past week but still holding a slim 0.56% year-to-date gain after a volatile summer stretch. The stock sits roughly 12% below its 52-week high of $278.56, though analysts argue the pullback presents a compelling entry point for long-term investors. The advertising business has now crossed $70 billion on a trailing twelve-month basis, with unit growth in the Stores segment hitting 15%, the highest rate recorded since the COVID-era boom. Trailing twelve-month free cash flow collapsed roughly 95% to $1.2 billion, long-term debt doubled to $119.1 billion, and AWS operating margins slipped to 37.7% from a prior 39.5%. Bulls counter that the capital spend is funding Trainium2, Project Rainier, and more than one million NVIDIA GPUs, all of which are expected to convert into contracted AWS revenue over coming quarters.