The AI narrative has moved beyond speculative software to capital-intensive physical infrastructure. With the infrastructure race in full swing, hyperscalers are increasingly investing in the buildout of the compute capacity required to train and operate the next generation of AI models.

Amazon (AMZN), a major technology company operating cloud-computing and online-retail businesses, fell approximately 1.1% in Wednesday's regular-session trading

Amazon reports second-quarter results Thursday afternoon, with AWS growth expected to accelerate and capital spending on pace for a record $200 billion this year.

Investors are piling into bearish bets on big tech hyperscalers and key chipmakers this year, pushing several of the group into the market's most-shorted ranks — Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG), Amazon.com Inc. (NASDAQ:AMZN) and Microsoft (NASDAQ:MSFT) alongside Broadcom (NASDAQ:AVGO), Micron Technology (NASDAQ:MU) and Nvidia Corp (NASDAQ:NVDA) all sit in S3 Partners' list of the year's top 10 most shorted stocks cited by CNBC.

Joe Tigay walks us through his Big 3 picks tied to the AI buildout. He points to Alphabet (GOOGL) as a company monetizing AI in multiple ways, highlights Amazon (AMZN) expanding its robotics capabilities, and calls Vertiv (VRT) a vital AI infrastructure company.

Amazon.com Inc (NASDAQ:AMZN) is set to report its second quarter 2026 results on July 30, with UBS lowering its price target to $305 from $333 while maintaining a ‘Buy' rating as it expects continued strength from Amazon Web Services and improving e-commerce profitability. The UBS analysts wrote that the price target reduction reflects expectations for higher capital expenditures in 2027 and beyond due to rising component costs and increased demand for infrastructure.

Alphabet (NASDAQ:GOOGL | GOOGL Price Prediction) and Amazon (NASDAQ:AMZN) both closed Q1 FY2026 with blockbuster AI infrastructure disclosures.

After a choppy summer, Amazon (NASDAQ:AMZN | AMZN Price Prediction) is trading at $232.11, down 6.12% over the past week yet still holding a razor-thin 0.56% year-to-date gain.

Corning Inc. (NYSE:GLW) is no longer pitching itself as just the company behind Gorilla Glass. During its second-quarter earnings call, management tied together a series of major customer announcements involving Apple Inc (NASDAQ:AAPL), Meta Platforms Inc. (NASDAQ:META), Nvidia Corp. (NASDAQ:NVDA) and Amazon.com Inc. (NASDAQ:AMZN) into a single message: Corning is becoming a critical supplier to the companies driving the next wave of AI infrastructure.