Bernstein analysts said Amazon (AMZN.O) Q3 ad revenue missed expectations,
slowing to 12% YoY, which could intensify investor concern that AI is disrupting
search-based monetization and echoes questions raised after ALPHABET’s results
earlier this week. Bernstein noted ads remain a key profit driver for Amazon;
the shortfall increases scrutiny despite Amazon’s optimistic Q4 ad-growth
guidance.