Amazon’sAMZN

bank account is sitting pretty, with last year’s record free cash flow projected to nearly double to $62B this year. This could leave the retail giant with almost $100B in cash by the end of 2024. Investors are now wondering: What will Amazon do with all that money? As two possibilities gain traction, investors have propelled the stock to new highs.

• Unlike some tech giants, Amazon hasn’t pursued stock buybacks for two years — so analysts consider it a feasible option.
• Analysts also expect that the company may declare a quarterly dividend, following in the footsteps of MetaMETA
  , MicrosoftMSFT
  , and AppleAAPL
  .

One place they’re spending big: With the FTC cracking down on Big Tech acquisitions, Amazon is pouring resources into AI — recently announcing a plan to spend $150B over the next 15 years to upgrade its data centers for AI apps and services. Amazon expects AI to enhance its cloud services division, which accounted for 14% of its revenue last quarter, a key factor driving the stock’s upward trajectory. But despite the cash reserves and cloud optimism, the division is still cutting jobs.

Curious about how Amazon’s shift in priorities is affecting its customer satisfaction? Find out more here.