On July 31, Amazon.com rose over 12% in pre-market trading. The surge was driven by Amazon.com's Q2 earnings report that significantly exceeded market expectations across all key metrics. Revenue reached $200.6 billion, up 20% year-over-year, beating the consensus estimate of $196.46 billion. EPS came in at $5.75, crushing the $1.82 estimate by over 215%.

The core highlight was AWS cloud revenue of $42.2 billion, growing 37% year-over-year — the fastest pace in 18 quarters and the fifth consecutive quarter of acceleration, surpassing the expected $40.6 billion. CEO Andy Jassy stated AWS AI business annualized revenue has exceeded $25 billion with triple-digit growth, while AWS order backlog reached $496 billion with demand visibility extending to 2028. The company raised full-year capital expenditure guidance from $200 billion to approximately $220 billion due to rising memory costs. Net income surged 245% to $62.6 billion, though this included $53.4 billion in pre-tax investment gains primarily from its Anthropic stake appreciation. Multiple analysts raised price targets, with JPMorgan lifting to $365.

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