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Amazon (AMZN) is one of the "Magnificent 7" components managing to cling to gains this year, eclipsed only by Meta (META). The rest of the closely followed group is down, led by a plunge in Tesla (TSLA). The gains on Amazon are interesting given how much it plans to spend on capex this year. Similar to Microsoft (MSFT) and Meta this earnings season, Amazon recently uncorked a whopper of a capital spending guide. It sees $104 billion in capital expenditures this year, well above analyst forecasts of $80 billion to $85 billion going into its earnings reports. The Street has opted to stay bullish on Amazon after its results and surprising guidance for two reasons. Most analysts…
