HSBC has issued a research report reiterating its "Buy" rating on Amazon.com (AMZN.US) with a $300 price target. The bank holds a positive outlook on the company's upcoming Q4 2025 financial results. HSBC anticipates that Amazon's fourth-quarter performance will continue its previous strong trend, based on several key factors: First, management's guidance tends to be conservative, leaving room for actual results to exceed expectations. Historical data shows Amazon has surpassed the high end of its operating profit guidance for 12 consecutive quarters. Second, AWS cloud services have re-accelerated growth, with Q3 revenue up 20.2% year-over-year (surpassing Q2's 17.5%), a pace management deems "sustainable." HSBC expects AWS growth to benefit from two factors: expansion of cloud computing capacity (plans to double capacity by 2027) and media reports indicating AWS has raised EC2 service prices by approximately 15%. Third, robust Black Friday/Cyber Monday sales data (U.S. e-commerce sales grew 7.7% YoY to $44.2 billion) indicate resilient consumer demand, and Amazon is well-positioned to capture market share through its logistics network and discount strategies. Looking ahead to 2026, HSBC identifies four core strategic themes driving growth: cloud demand, enterprise AI adoption, e-commerce market share, and capital expenditure. AWS demand remains robust: the global cloud market faces capacity constraints, while AWS plans to add significantly more computing power over the next two years than its competitors. Furthermore, the launch of the AI chip Trainium3 (offering over 4x performance improvement) will lower AI development costs, attracting more enterprise clients. Enterprise AI adoption is deepening: AWS unveiled several AI innovations (e.g., Nova model, Frontier Agents) at its late-2025 "re:Invent" conference, accelerating enterprise digital transformation. HSBC expects AWS to benefit from the surge in AI infrastructure demand. E-commerce market share expansion: Amazon plans to extend its next-day delivery service to over 4,000 small and mid-sized U.S. cities, further penetrating high-frequency consumption areas like groceries. Currently ranked second in the U.S. online grocery market, logistics upgrades could boost its market share. Increased capital expenditure: HSBC forecasts Amazon's 2026 capital expenditure to reach $150 billion (up 20% YoY), primarily for data center expansion and logistics facilities, supporting long-term growth. In summary, HSBC believes Amazon is at an optimal inflection point: AWS benefits from "volume and price increases" driven by AI computing power, while the retail business can squeeze out profits through superior logistics efficiency. Despite potential short-term volatility, the bank views Amazon's long-term growth narrative as clear, advising investors to focus on Q4 guidance regarding AWS growth and capital expenditure, which will validate the long-term growth trajectory.