Amazon reports after the bell - and investors' eyes are on the cloud. Over the last 6 quarters, growth in its cloud business AWS has slowed significantly, to an expected 10% in tonight's report, and investors are anxious to know whether the slowdown has bottomed... or could head even lower. Another data point to keep an eye on – capex. Big tech companies that have already reported including Microsoft, Alphabet and Meta have all mentioned that big investments in AI have pushed up spending. Investors will be watching closely how Amazon’s plays out. 

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