Moody's analysts are calling it a "race" for market share. E-commerce has taken off now more than ever as the pandemic continues to drive shoppers online. Amazon had to take steps in the early days to limit the number of orders it was handling, and now the online retailer is spending at a spectacular rate to catch up with demand. In June, Amazon issued $10 billion in new debt. Analysts say that the online giant's borrowing power is huge, giving Amazon plenty of resources to continue on its trajectory of rapid growth.
The analysts also suggested that a multi-billion dollar brick-and-mortar acquisition or investment, similar to Amazon's $13.4 billion acquisition of Whole Foods, "might make sense to enhance its fulfillment capability."