GLOBAL RESEARCH ARCHIVE
Final Thoughts into 2Q:26 Earnings
Research evidence excerpt
Final Thoughts into 2Q:26 Earnings
Equity Research
Industry Update — July 19, 2026
Internet
After Tough 1H:26 for Group, Still More Questions than
Answers
Our Call Ken Gawrelski
AI tailwinds and headwinds likely to take prominence on 2Q earnings calls. See AMZN as Equity Analyst | Wells Fargo Securities, LLC
Ken.Gawrelski@wellsfargo.com | 617-210-3707
best positioned to capitalize on purest form of AI monetization, resale of compute. 2Q US
Alec Brondolodigital ad revs likely solid but see tough setups for RDDT, PINS & SNAP.
Equity Analyst | Wells Fargo Securities, LLC
Alec.Brondolo@wellsfargo.com | 212-214-5435
AMZN top megacap pick on continued AWS acceleration, likely beat and raise on Zachary Morrissey
operating income despite likely noise on revenue guidance due to the Prime Day Associate Equity Analyst | Wells Fargo Securities, LLC
shift. Believe strategic positioning in AI landscape likely to take precedence and prefer Zachary.Morrissey@wellsfargo.com | 212-214-5344
the positioning of AMZN as a reseller of compute capacity, the most direct form of AI David Umansky
monetization. OpenAI models added to the AWS platform in June should provide healthy Associate Equity Analyst | Wells Fargo Securities, LLC
boost to 2Q exit rate, supporting view of AWS acceleration to the 40%'s in 2H. David.Umansky@wellsfargo.com | 212-214-1406
George Rusnak
US digital brand advertising strengthened through 2Q (2Q SMID social spend Associate Equity Analyst | Wells Fargo Securities, LLC George.C.Rusnak@wellsfargo.com | 212-214-6573
data +12% y/y vs. 1Q +6%, June +15%), but still see tough setups for RDDT, PINS
Barath Rao, CFA& SNAP. Qualitative checks at the end of 2Q suggest digital ads accelerated vs. 1Q &
Associate Equity Analyst | Wells Fargo Securities, LLC
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