October 30 — Bernstein analysts noted that Amazon's third-quarter advertising revenue growth slowed to 12% year-over-year, falling short of expectations. This will heighten investor concerns that artificial intelligence is disrupting the search business model and revive related questions that surfaced after Alphabet reported its earnings this week. Advertising is a key profit driver for Amazon, and the revenue miss will prompt market questions about whether AI is changing consumer behavior. However, Amazon's guidance for fourth-quarter advertising revenue growth is relatively optimistic.