TLDR Tech / Marketing
Amazon's ads are paying off. What its AI spending delivers is less certain
Amazon's ad business is growing despite heavy AI spending, raising questions about future returns. Q4 revenue rose 14% to $213.4B, ad revenue grew 22% to $21.3B, and AWS sales increased 24% to $35.6B. Prime Video now has 315M ad-supported viewers, up from 200M, and Thursday Night Football averaged 15M viewers per game, up 16%. Capital spending in 2026 is planned at $200B, about 50% higher than last year, while profit per dollar remains lower than rivals.
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