Cramer's Morning Take: Amazon 8/27/25

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Jim Cramer (1:00)

Hey, it's Cramer, and this is my morning take on the market from today's CNBC Investing Club morning meeting.

Jeff Marks (1:07)

There was an interesting deep dive by Morgan Stanley on AWS this morning, talking about the data center square footage growth at the company, and the result of their deep dive of their analysis is that Amazon is spending more, which gives them more conviction that revenue growth could reaccelerate to 20% plus in 2026 from 17 and a half this last quarter.

Jim Cramer (1:33)

If that's the case, I'm telling you, I take it to 250 That was a very, very poignant piece by Morgan Stanley. The biggest critic on the conference call that just occurred was that analyst, and that analyst is basically saying, okay, my worry about them being overtaken by Microsoft some day, take it off the table. They're spending a lot of money. That's what I want to see. Now, they did not say spending a lot of money on Nvidia because the problem is Amazon wants price performance. Nvidia is too expensive. They're making their own. The training, by the way, which we know that Marvella is handing, I mean, Vars is going to report, but I come back and say all I care about is that there's a reacceleration of growth. It's not unlike what happened when there was a decline in Amazon Web Services, and it fell almost to 9% and then it went reaccelerated, and that caused Amazon to go down.

Jeff Marks (2:18)

Well, yeah, the constraint has always been on the supply side, right? Too much demand, the backlog is growing much faster than revenues, but Morgan Stanley, they write that after under spending Microsoft Azure in 23 and 24, by about 5 to 6 billion a quarter, so really big amounts, it's finally playing catch up and you could see that them reaccelerate, kind of like what we saw from Azure last year.

Jim Cramer (2:42)

Right, and that's great, by the way, because remember, really your demand is coming from Oracle, from Meta, from Google, from Microsoft, which is of course is opening up, and Amazon, and if Amazon fell behind, then you believe, well, wait a second, I got to start looking at Grokky, you know, I should have mentioned Tesla. So I was very happy with that Morgan Stanley, that made me feel much better about our largest position.

Jeff Marks (3:06)

Absolutely.

Jim Cramer (3:09)

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