Final Thoughts into 2Q:26 Earnings

研报英文原文证据摘录

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