AMZN: 2Q:26 EPS Preview: Open Platform Approach Emerging as Winning Strategy at AWS

研报英文原文证据摘录

AMZN: 2Q:26 EPS Preview: Open Platform Approach Emerging as Winning Strategy at AWS

ity-led AWS revenue accel to 40% y/y in 2027 (vs. Prior NC 1.84 E 2.02 E NC 9.14 E

+29% consensus), with early signs of pricing power alleviating supply chain inflation 2027E 2.43 E 2.44 E 2.56 E 3.01 E 10.44 E

concerns. View 20% AWS price hike in July across H100/200 & B200/300 as a leading Prior 2.44 E 2.37 E 2.52 E 3.04 E 10.39 E

indicator of strong demand and ability to pass through any supply chain inflation.

Estimate ~2pt uplift to AWS revenues in 1H:27 (Exh 7). Also see recent industry contracts Source:NA = NotCompanyAvailable,Data,NC =WellsNo Change,Fargo SecuritiesNE = Noestimates,Estimate and Factset.

at premium rates reinforcing that demand for AI compute far exceeds supply.

Ken Gawrelski

See AWS increasingly well positioned as an open platform hosting nearly all models, Equity Analyst | Wells Fargo Securities, LLC Ken.Gawrelski@wellsfargo.com | 617-210-3707

incl. open source, as token usage fragments beyond frontier models. 12+ mos ago,

Zachary MorrisseyAWS position as an open platform looked challenged as leader OpenAI pressed its

Associate Equity Analyst | Wells Fargo Securities, LLC

advantage w/ partner Microsoft Azure. Today, Bedrock supports frontier offerings from Zachary.Morrissey@wellsfargo.com | 212-214-5344

OpenAI and xAI, among hundreds of foundation models from Proprietary and Open Barath Rao, CFASource labs. As long as token consumption remains robust, AWS positioned to win. Associate Equity Analyst | Wells Fargo Securities, LLC

Barath.Rao@wellsfargo.com | 212-214-8814

Estimates, rating and, price target. Largely maintain '26 / '27 / '28 total revenue George Rusnak

estimates at $831.5B / $963.6B / $1,094.7B w/ AWS unchanged.