Here's an interesting disconnect: Amazon.com Inc. (AMZN) is out there saying AI demand is "skyrocketing," but Wall Street is basically scrolling past like it's just another sponsored post. Gene Munster thinks he knows why—investors are exhausted and want to see actual money before they get excited again.

The Enthusiasm Gap

Munster, managing partner at Deepwater Asset Management, wrote in a recent blog post that the market has essentially tuned out Amazon's increasingly confident AI messaging. Despite AWS rolling out the red carpet at its re:Invent 2025 conference with upbeat announcements, investors appear firmly stuck in what Munster calls "show me" mode.

For about a month now, traders have been questioning whether the AI bull market is losing steam. Amazon tried to address those concerns this week with a barrage of optimistic news, but the reaction was basically a collective yawn.

"Amazon's message was clear, they are accelerating its AI buildout and agents will have a profound impact on the future of work," Munster noted. "Unfortunately, the market is not buying it."

The numbers back up his point. Shares of Amazon, Alphabet Inc. (GOOG) (GOOGL), Nvidia Corp. (NVDA), Microsoft Corp. (MSFT), and Meta Platforms Inc. (META) were "down an average of 0.5% in the day following the bullish comments from Amazon, while the Nasdaq is flat," according to Munster.

What AWS Is Actually Saying

To be fair to Amazon, the company isn't just throwing around vague promises. AWS CEO Matt Garman said demand "keeps skyrocketing" and dropped some pretty substantial numbers to back it up. AWS added 3.8 gigawatts of data center capacity over the past year alone.

"We're not slowing anything down. We're only speeding that up," Garman said.

Garman also emphasized AWS's strategy of supporting Nvidia GPUs while simultaneously accelerating development of its own Trainium chips. The company revealed that its latest Trainium 3 UltraServers deliver more than four times the compute power of the previous generation, and Trainium 4 is already in development.

AWS even introduced something called "AI Factories," which let enterprises deploy dedicated AI infrastructure inside their own data centers. The move signals Amazon's confidence that AI demand isn't just a short-term spike but a sustained trend that will last for years.

The Agent Revolution Nobody Seems to Care About

Garman also talked up the next phase of AI evolution: agents that can actually take action, not just chat. He predicted billions of agents operating inside every company. Amazon expanded its Bedrock platform and launched AgentCore to help enterprises build these systems.

Wall Street's response? Basically nothing. Amazon shares were down 1.41% on Thursday. Over the past five days, the stock has slipped 0.02%, according to market data.

Meanwhile, Munster pointed out that negative headlines—like a disputed report about Microsoft sales performance—triggered disproportionately large sell-offs. Good news gets ignored, bad news gets amplified. That's where we are right now.

What It Would Take to Change Minds

So what breaks the spell? Munster thinks investors will start paying attention again once companies report December earnings and issue 2026 capital spending guidance. In other words, Wall Street wants to see the receipts.

"The market is looking past optimistic comments that suggest we are still early in AI," Munster stated. Hard numbers—not confident projections—may be the only thing capable of lifting sentiment at this point.

For context, Amazon reported third-quarter net sales of $180.2 billion in October, a 13% increase year-over-year that topped the $177.8 billion consensus estimate. AWS generated $33.0 billion in sales, up 20% from the prior year. Those are solid results, but apparently not enough to convince skeptics that the AI spending spree is justified.

The irony here is that we might be watching one of those classic moments where the market demands proof right before the thing everyone's doubting actually takes off. Or maybe investors are right to be cautious and want to see AI infrastructure translate into actual profits. Either way, it looks like Wall Street is sitting this round out until the numbers speak louder than the hype.