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A
anthonyy
August 20, 2026

Amazon just crossed $200 billion in a single quarter. The stock went up 15 percent in one day. Did you own it?

Q2 2026 results: $200.6 billion in revenue. Up 20 percent. AWS at $42.2 billion. Up 36.7 percent. Five straight quarters of acceleration. AWS backlog at $496 billion. Up $130 billion in a single quarter. Operating income up 43 percent. The stock jumped 15.32 percent in one session. Then the news came out that Amazon is spending $220 billion on capex this year. Free cash flow went negative. And the debate started again about whether the spending will ever generate proportional returns. Same debate as Microsoft. Same debate as Meta. The entire AI infrastructure trade is essentially one question: will the return on investment arrive before the market runs out of patience? What is your position on Amazon right now?

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A
andy· Aug 20

I have been holding since $98 and added on the earnings dip last quarter. The $496 billion AWS backlog is the number nobody is talking about. That is not projected revenue. That is contracted revenue already sold. The capex concern is valid but the demand visibility is extraordinary.

kumar007kumar007· Aug 20

I keep coming back to what Andy Jassy said. Demand for AWS will outstrip supply through the end of 2027 and beyond. A CEO does not say that publicly unless he has the contract data to back it up. The $496 billion backlog is that data. That is the most bullish single number in any earnings report I have seen this year.