[Morgan Stanley: Amazon Web Services (AWS) Growth May Exceed 20% by 2026] According to a report by Golden Finance citing market news from *Walter Bloomberg, Morgan Stanley stated that driven by the adoption of cloud services and generative artificial intelligence (AI) workloads, Amazon Web Services (AWS) is expected to see its growth accelerate to over 20% by 2026 as additional computing capacity gradually meets market demand. The investment bank believes this will be a key driver of Amazon's (AMZN) valuation — with a base case target price of $300 and an optimistic case of $350. Although Amazon Web Services previously lagged behind Microsoft Azure in capital expenditure (capex), its spending is now gradually increasing: capex is expected to reach approximately $33 billion in 2025 and continue to grow in 2026.