Why Amazon (AMZN) rose 4.45% on August 3, 2026

Amazon (AMZN) rose 4.45% on August 3, 2026 — Hyperscaler capex dominance steals market focus.

Amazon emerged as the standout performer in a market recap dominated by megacap earnings, explicitly called out as 'stealing the show' amid a broader rotation into large-cap tech.

Relative strength in Amazon versus peers signals investor conviction in its capex discipline and cloud growth trajectory, driving capital into the name at the expense of other megacaps.

Part of the Hyperscaler Capex supercycle, where Amazon's AWS and infrastructure investments are repriced as critical to the AI compute race, giving it edge over slower-moving hyperscaler competitors.

If Amazon's own earnings guidance or capex outlook disappoints relative to this repricing, or if peers deliver surprise strength, the outperformance narrative collapses.