Photo by Daniel Oberhaus, 2019 via Flickr. Jeff Bezos just dumped $5.7 billion worth of Amazon shares, cashing out hard right before the company’s earnings report hits next week.
The stock sales started around his wedding in Venice at the end of June and ended on Thursday, with a final unload of 4.2 million shares for $954 million. All of it was done under a 10b5-1 plan he filed earlier this year.
According to Bloomberg, the full plan allowed him to sell up to 25 million shares, and he sold every single one. Amazon’s stock has surged 38% since its April low, giving Jeff the perfect window to execute his plan.
The $5.7 billion windfall adds to his long history of selling Amazon shares, bringing his total cashouts since 2002 to more than $50 billion. None of this is new for Jeff. Last year, he sold 75 million shares and took home $13.6 billion. The only time he ever bought stock on record was two years ago—one share at $114.77.
Earnings loom as AI spending ramps up
Amazon reports earnings on July 31. Analysts expect $1.32 per share on $162 billion in revenue, up 4% and 9% respectively from last year’s Q2. That’s still behind the average for the so-called Magnificent Seven, which is clocking in at 15% growth on earnings and 12% on revenue. Meta, Microsoft, and Nvidia are leading the S&P 500 for 2025, while Apple’s falling behind, mostly over doubts around its AI strategy.
The pressure is heavy on Amazon to prove that its AI spending spree is worth it. Brian Recht, a portfolio manager at Janus Henderson, said, “The stock isn’t getting much credit for AI. Investors want to see whether Amazon can actually deliver on using it for improved profitability, but we think evidence of AI benefits will become more clear by the quarter.”
Amazon plans to drop $104 billion on capital expenditures this year, the most in the S&P 500. That money covers everything from new data centers to warehouses. Just last month, Amazon committed $30 billion to data center builds in Pennsylvania and North Carolina.
The company also announced layoffs in its cloud computing division, blaming the need to “optimize resources.” CEO Andy Jassy says more cuts are likely over the next few years as AI takes on more work.
Retail, robotics, and more inside the AI play
Most of the AI buzz centers on Amazon Web Services, which is expected to benefit from surging demand. But Jeff’s company isn’t just looking at AI in the cloud. It’s also trying to use it to boost the retail and logistics side. Amazon’s e-commerce business still brings in the most cash, but it’s getting squeezed by rising tariffs.
AI is being used to personalize ads, recommend products, and speed up warehouse and delivery work. Amazon has even been pushing its new Rufus chatbot, which helps customers sift through products and reviews.
On the warehouse floor, the company is training humanoid robots to handle logistics using an indoor obstacle course, as reported by The Information. The plan is to eventually automate large parts of the delivery process.
If it works, it could be big. Bank of America thinks this could save more than $7 billion a year by 2032. Morgan Stanley analysts say Amazon’s retail unit could become “the most under-appreciated GenAI beneficiary in the tech space.”
Irene Tunkel, chief U.S. equities strategist at BCA Research, added, “Retail margins are narrow, so Amazon needs all the productivity boosts it can get, and there are huge use cases for AI and robotics within warehouses. This is something that will play out over five or 10 years, but Amazon is at the forefront of it, and that definitely gives them an edge.”
Jeff still owns about 884 million Amazon shares, more than 8% of the company. That stake makes up most of his $252.3 billion net worth and keeps him ranked third-richest in the world. He also gave away about $190 million in stock to nonprofits this year.
