Ackman believes Amazon Web Services (AWS) is benefiting significantly from the broad adoption of AI, with revenue growth exceeding 30% so far in 2026. Amazon plans to increase annual capital expenditures to approximately $220 billion this year, primarily for data center build-outs to support AWS. Additionally, Amazon's retail operations saw 15% unit volume growth in Q1, its highest since 2021. Ackman projects Amazon's total earnings to compound at a pace of at least 20%.