JPM TECH SKETCH: AMZN Q2 Preview – AWS to Shine, Buffett Blesses GOOGL ROIC, UBER Offers to Buy DHER.GY, Broadcast Ownership Cap Dead? (re: SBGI, NXST, etc.)

Research evidence excerpt

JPM TECH SKETCH: AMZN Q2 Preview – AWS to Shine, Buffett Blesses GOOGL ROIC, UBER Offers to Buy DHER.GY, Broadcast Ownership Cap Dead? (re: SBGI, NXST, etc.)

Specialist Sales J P M O R G A N

16 July 2026

AMZN Q2 Earnings Preview – AWS to Shine, Buffett Blesses GOOGL ROIC, UBER Offers to Buy DHER.GY, SPCX Starship Flight Tonight

JPM TECH SKETCH: AMZN Q2 Preview – AWS to Shine,

Buffett Blesses GOOGL ROIC, UBER Offers to Buy DHER.GY,

Broadcast Ownership Cap Dead? (re: SBGI, NXST, etc.)

Mark Schilsky | mark.schilsky@jpmorgan.com | +1 (212) 622-2668

SCHILSKY’S SNAPSHOT

Merely an observation: SPCX dropped below its $135 IPO price yesterday…and then ended a fraction above.

- AMZN Q226 Earnings Preview – Prime Time for AWS to Shine: Despite AWS expectations ticking higher all year, the

stock really hasn’t outperformed, which has frustrated a LOT of investors. [Almost as many as SPOT has this year.] I think

it’s fair to say that this time last year, if I asked you ‘Where would AMZN’s stock be if in Q2 they were growing AWS in the

mid-30s?’, you would have said ‘Over $300 easily’, and yet we are far from that share price. Why? Simple: Operating

Income revisions have been small – on both the Buy and Sell Sides. Until we get more meaningful OI revisions, the stock

likely won’t outperform. My full Preview is below. Check out Doug’s AMZN Preview in his Internet Q226 Earnings

Preview Slide Deck on Page 8.

- The Oracle of Omaha Blesses AI Data Center ROIC (re: GOOGL, AMZN, MSFT, META): Technically, he did this

only as it relates to GOOGL, but who’s to say that he’s not bullish on AI capex overall? Remember, Berkshire backstopped

the GOOGL equity raise in June to the tune of $10B. Do you think Buffett has been talking with Sundar? I do. CNBC