J P M O R G A N North America Equity Research 31 July 2026 Amazon.com AWS Acceleration & Operating Income Upside as AI Investments Show Returns; Reiterate Overweight $365 PT Amazon FXN revenue growth accelerated to +20% in 2Q, the fastest in 20 qtrs, w/acceleration across both AWS & Stores. AWS growth of +37% was the fastest in 18 quarters, while backlog increased nearly 2.5x Y/Y & +36% Q/Q to $496B on stronger demand across both core workloads and AI adoption. AWS' AI and chips businesses both exceeded $25 ...