Amazon reported strong Q2 results with AWS revenue growing 37% year over year and backlog reaching $496 billion, beating estimates of 31%. Shares jumped 11% following the earnings report, and Wall Street analysts broadly maintained buy ratings while hiking price targets up to $375. Capital expenditures reached $54.21 billion in the quarter, up 68% year over year, with projections of $220 billion for 2026. AI revenues now represent 15% of total cloud revenues, and AWS margins expanded to 38.1%. Revenue guidance for Q3 came in slightly below expectations at $197 to $202 billion.
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