This week, the market’s primary focus surrounding Amazon continues to be the strong growth of its AI and AWS cloud businesses. Amazon’s latest quarterly earnings significantly beat expectations, with overall revenue increasing approximately 17% year-on-year, while AWS revenue rose 28%, surpassing market forecasts and highlighting that enterprise AI demand remains in a rapid expansion phase. AWS has now become one of the key players in the global AI infrastructure race.

Amazon has recently continued strengthening its partnerships with OpenAI and Anthropic. Anthropic has committed to spending more than US$100 billion on computing resources through AWS over the next decade, while Amazon continues expanding its investment in Anthropic. At the same time, Amazon is aggressively ramping up AI-related capital expenditures. Markets currently expect Amazon’s AI and data-center-related capital spending in 2026 to approach US$200 billion, potentially making it one of the largest technology investment programs in industry history. These investments are expected to begin large-scale monetization between 2027 and 2028.

On the AI chip front, Amazon’s internally developed Trainium and Graviton chips are seeing extremely rapid growth. Its AI chip business has already surpassed US$10 billion in annualized revenue while maintaining triple-digit growth rates. Markets increasingly believe Amazon is attempting to reduce its dependence on Nvidia while building its own AI computing ecosystem.

On the retail side, Amazon also launched its new “30-minute ultra-fast delivery” service this week, which is already being tested in multiple US cities. The service is expected to directly challenge instant-delivery platforms such as DoorDash and Uber.

Advertising has also become another major growth engine for Amazon. Amazon’s advertising revenue rose approximately 24% year-on-year during the quarter, with annualized revenue now exceeding US$70 billion. Markets increasingly view Amazon as building a four-engine profit structure combining “e-commerce + cloud computing + AI + advertising.”

In addition, Delta Air Lines CEO Ed Bastian defended the company’s decision to choose Amazon rather than SpaceX’s Starlink for in-flight Wi-Fi services, arguing that Amazon’s solution offers lower costs and greater technological value-added benefits.

Bastian stated that Amazon brings far more than satellite technology alone. The company also possesses powerful retail capabilities, Amazon Prime membership services, and gaming technology ecosystems — advantages that Starlink does not offer. Compared with Starlink, Amazon’s service is believed to provide not only stronger bandwidth, but also more competitive pricing.

Market Analysis：

Overall, capital markets no longer view Amazon simply as an e-commerce company, but increasingly see it as one of the core global beneficiaries of the AI infrastructure boom. AWS, AI chips, self-built logistics networks, and advertising businesses are now collectively driving a continued re-rating of Amazon’s valuation.