JPM TECH SKETCH: AMZN AWS GPU Pricing Up +20%, AMZN State of eComm, MU Q3 eSCAPE Velocity, GOOGL Gemini Pro Delayed

研报英文原文证据摘录

JPM TECH SKETCH: AMZN AWS GPU Pricing Up +20%, AMZN State of eComm, MU Q3 eSCAPE Velocity, GOOGL Gemini Pro Delayed

Specialist Sales J P M O R G A N

25 June 2026

AMZN AWS EC2 Block GPU Pricing Jumps +20%:

Current pricing for Amazon EC2 Capacity GPU Blocks for ML is moving up +20% on July 1st per this AWS Website. You can

compare old pricing via the Wayback Machine:

Too bad so much of it is going to Micron…

AMZN State of US eComm:

From Doug’s AMZN State of US eComm: “Expecting HSD% US E-Commerce Growth & Continued Penetration Gains in 2026;

40%+ Online Penetration Possible L-T. As e-commerce moves beyond 2025 tariff impacts and benefits from greater same-day

delivery and strength across essentials, we expect US online retail growth to accelerate to +9.6% Y/Y in 2026 (vs. +5.4% Y/Y

in 2025), w/penetration increasing +125bps Y/Y to 24.2% of 2026 US Adj. Retail Sales. Despite higher gas prices & softer

consumer sentiment, we believe spending trends remain broadly stable…We project US e-commerce growth in the HSD% range

through 2027, w/penetration reaching ~25% in 2027. Longer term, we believe digital penetration of US Adj. Retail Sales could

reach 40%+ driven by penetration gains in the three largest categories: CPG/Grocery, Apparel & Accessories, & Home.”

“Amazon’s Leading Delivery Speeds & Close Proximity to the Consumer = Agentic Advantage. Agentic commerce will

drive even greater emphasis on retailer selection, pricing, & shipping speed as AI/LLMs orchestrate tasks and suggest products

that best fit a query. Accordingly, retailers will win the agentic “buy box” by providing vast selection, competitive pricing, & fast

delivery speeds, which we believe will translate to a greater emphasis on customer satisfaction scores as retailers’ optimize

agentic commerce strategies.