Amazon Bulls Place $41M on November Rebound

Investors are placing significant bets on Amazon (AMZN) to rebound by November 20, with $41 million in bullish options trades targeting that date. The largest trade involved 15,000 Nov. 20 $265/$325 bull call spreads, which cost around $13.7 million and have a breakeven point of roughly $274 at expiration.

The buildup of bullish positioning is notable, with more than $41 million in net premium concentrated in the Nov. 20 expiration. This includes multiple large trades that have moved closer to the current stock price as AMZN has pulled back from recent highs.

Amazon's AI investment story is complex, with the company both buying and monetizing AI infrastructure through its AWS platform. Strong AI demand can support AWS revenue growth, but moderating Capex growth while maintaining revenue expansion could improve Amazon's free cash flow and returns on investment.