Computing Power Sector (20): Amazon's AI Cloud Business Accelerates, CSP Capital Expenditure Enters a New Cycle [Northeast Computer]

English summary

#AWS growth exceeded expectations, and AI demand is driving the cloud business into an acceleration phase. After Thursday's close Eastern Time, Amazon reported Q2 2026 results, with revenue of $200.61 billion, above market expectations. Among them, the core cloud computing business AWS performed impressively, with revenue of $42.2 billion, up 37% year-over-year, the fastest growth in nearly 18 quarters, exceeding the market's prior expectation of 35%-36%. AI-related business continued to grow rapidly, with AWS AI business annualized revenue (ARR) rising from approximately $15 billion last quarter to $25 billion. The company's total backlog reached $496 billion, with new backlog of $132 billion in a single quarter, providing ample support for future cloud business growth. At the same time, AWS operating margin improved from approximately 38% last quarter to 39%, reflecting improved profitability brought by AI computing power demand growth. #Global CSP cloud vendors fully benefit from the AI infrastructure cycle, and the logic of increasing capital expenditure is further strengthened. …