AWS posted record 36.7% growth with a $496 billion backlog showing triple-digit expansion, driven by inference workloads and multi-year enterprise deals, while its chips business reached a $25 billion annualized run rate. Operating income rose 43% on 20% revenue growth, demonstrating early leverage ahead of $220 billion in CapEx, supported by strong adoption of Trainium and Graviton by customers including Anthropic and OpenAI. Despite a 3.5% overall revenue miss from softer retail, the stock surged 15.3% as investors focused on the durable AWS endpoint and shift to managed agents via Bedrock and Amazon Q.

Company: Amazon.com, Inc. (AMZN) — Q2 FY2026

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