updates to add options data

** Shares in Amazon.com AMZN.O up about 0.4% on Wednesday, paring gains after briefly touching a record high ahead of its Q1 report due out after market close, with investors focused on AI spending and growth in its AWS cloud business

** Wall Street analysts expect Q1 adj EPS of $1.64 vs $1.59 in Q1 last year on revenue of $177.30 bln, which would be a nearly 14% yr/yr increase, as per LSEG

** After last quarterly report, shares tumbled on >50% surge in 2026 capital spending projected for buildout of its AI infrastructure. While AMZN has struggled to generate buzz around its own AI models, it has been a leader in providing cloud computing power for the AI boom

** Co recently made a commitment to invest up to $25 billion in Anthropic while the AI startup said it would spend more than $100 billion over the next 10 years on Amazon's cloud technologies.

** AMZN options primed for a 7.3% swing for the shares, in either direction, by Fri; over the last eight quarters, on average, the shares moved 5.6% the day after results, according to Trade Alert

** Stock last up ~13.7% YTD, outperforming the Nasdaq's .IXIC nearly 6% gain, and a roughly 1.6% gain for the Dow industrials .DJI

** AMZN last traded at $262.35 vs median PT of $285, up from $283 month ago, as per LSEG, which shows 71 analyst ratings: 20 'strong buy,' 47 'buy,' 4 'hold' and no sell ratings