A carrier amplitude's instantaneous value changes according to the modulating signal's amplitude, as expressed by the AM modulating index formula m = Am/AC.
This can be proven by calculating modulated signal's max and min amplitudes via its modulating and carrier signal's own amplitudes: Amax = AC+Am and Amin = AC-Am.
E.g., if AC = 10 V and Am = 2 V, where the index is m = 2V / 10V = 20%, and:
Amax=2V + 10V = 12 V and Amax=10V - 2V = 8 V.
But decreasing AC to 6 V, while Am stays at 2 V, increases the max modulated amplitude Amax = 6V + 10V = 16 V, but decreases the min amplitude Amin = 16V - 2V = 14 V, and now with the index at 2V/6V = 33%, meaning the modulating signal is now 40% of the carrier.