Amazon.com Inc. (AMZN  ) shares are slipping Thursday after Wednesday's rally. Here's what you should know.

Amazon Stock Slips After Wednesday's Rally

Amazon shares are easing Thursday, one day after its sizeable gain. Investors have been sizing up cloud demand, AI budgets and the chance that new curbs will slow data center construction.

Two market voices offered theories for Wednesday's move. Gabelli Funds portfolio manager John Belton, speaking to MarketWatch, said restrictions on how many new data centers get built could give today's biggest cloud providers more control over prices. Because demand for computing already runs ahead of supply, Belton said, higher prices could boost profits at Amazon.

Tigress Financial Partners analyst Ivan Feinseth pointed instead to the market mood, saying short covering helped, as did investors unwinding defensive bets they had placed for a tech selloff. Relief that the election was over, less policy uncertainty and renewed excitement about AI and cloud added to the lift.

Feinseth added that the election was only a near-term spark, and that steadier drivers will decide longer-term results, such as demand for AI and money poured into infrastructure.

However, the election also raised new doubts. Dan Ives called the Democratic wins in both chambers of Congress a significant obstacle to the AI buildout, saying they may put the brakes on new data center projects and hurt AI stocks.

Amazon Adds Uber Eats to Prime

Despite the dip in AMZN, the company has teamed up with Uber Technologies Inc.NYSE: UBER) so Prime members across almost 10,000 U.S. communities can order restaurant meals through Amazon's site and app, with Uber Eats handling delivery.

Restaurant tabs of $25 and up carry no delivery fee, and members need no separate Uber account. New users get $20 off each of their first two qualifying orders within 14 days.Amazon says the perks could save members upward of $175 a year, and Prime Visa cardholders get 5% back on those orders through Dec. 5.

AMZN Shares Are Falling

AMZN Price Action: Amazon.com shares were down 2.65% at $258.98 at the time of publication on Thursday, according to Benzinga Pro.