The Deutsche analysts said it's "become abundantly clear" that Amazon has gained a greater share of the U.S. e-commerce market in the face of diminished competition from ultra-cheap Chinese online retailers Shein and Temu, which is owned by PDD Holdings.

Going into its earnings print, CNBC’s Mackenzie Sigalos reports on Amazon’s $100 billion infrastructure push as AWS growth faces growing competition from Microsoft and Google, with retail momentum and tariffs also in focus.