International rating agency Moody's has announced that it has revised Amazon's credit rating outlook from positive to stable.

This adjustment is mainly based on the company's recently disclosed capital expenditure plan—Amazon plans to accelerate its capital spending by more than 50% over the next few years, with the total amount approaching 200 billions USD. The massive investment will focus on core areas such as cloud computing infrastructure, logistics network upgrades, and artificial intelligence technology research and development, demonstrating its strategic determination to consolidate its market leadership. This outlook adjustment reflects Moody's recognition of Amazon's continued strengthening of its competitive advantages. Although the surge in capital expenditure may put short-term pressure on cash flow, the rating agency believes that these strategic investments will help Amazon's e-commerce and cloud businesses build a deeper moat. It is worth noting that the 200 billions USD investment is equivalent to 1.5 times Iceland's annual GDP, and such a counter-cyclical expansion strategy is particularly rare among tech giants. Market observers point out that Amazon's increase in capital expenditure far exceeds the industry average. Compared to Microsoft and Google's annual capital expenditure growth rates of 15%-20%, Amazon's acceleration of over 50% highlights its sense of urgency to seize the AI and cloud computing tracks. The massive investment may trigger a new round of arms race in the industry, but investors need to pay attention to the potential impact of high capital expenditure phases on the company's free cash flow.