Global AI Trend Tracker

Research evidence excerpt

Global AI Trend Tracker

Global Markets Research

31 July 2026Global AI Trend Tracker

EQUITY: TECHNOLOGY

Amazon’s 2Q26 earnings read through Research Analysts

China Technology

Bing Duan - NIHKQuick Note bing.duan1@nomura.com

+852 2252 2141Amazon (AMZN US, Not rated) reported its 2Q26 (Jun-quarter) earnings on 31 July after

the US market close, and management hosted an earnings call on the same day. Joel Ying, CFA - NIHK

Management discussed AWS’s AI chips, development of its Agent platform and AI joel.ying@nomura.com

applications, as well as ROI and demand outlook for FY28F. Capex increased 51.5% y-y +852 2252 2153

to USD54.2bn in 2Q26, and management raised FY26E capex guidance from

USD200bn to USD220bn, due to increased cost of memory.

According to management, AWS Cloud could achieve USD1tn annual revenue business

in the long run, and some capacity for 2028 has already been booked. We think the

solid revenue growth of AWS Cloud business and continued robust demand for cloud

capacity, until 2028F in our view, should ease market concerns about excessive AI infra

investment, while managements’ comments on ROI (less than three years to reach its

break-even point on server & networking equipment investment) should help soothe

negative market sentiment. We like global optical transceiver leader Zhongji Innolight

(300308 CH, Buy), and major PCB / CCL suppliers such as Shengyi Tech (600183 CH,

Buy) and Shengyi Electronics (688183 CH, Buy). Here are our key takeaways:

2Q26 core business performance

• In 2Q26, AMZN’s revenue grew 19.6% y-y to USD200.6bn, ahead of its guidance of

USD194-199bn, and 2% above the Bloomberg consensus. Meanwhile, operating profit

grew 43% y-y, beating the consensus by 16%.

• AWS recorded 36.8% y-y revenue growth to USD42.2bn, up 12.4% q-q, beating