Amazon's headline EPS of 5.75 vs 1.81 est looks insane but it's not pure operating profit. That number is GAAP, which forces Amazon to include non-cash mark-to-market gains on its big stakes like Anthropic and Rivian. Same as Google booking a one-time gain on its SpaceX holding - the extra ∼$3.70 is almost certainly an investment revaluation, not selling more Prime or AWS. Q1 2026 had the same pattern, with EPS jumping to 2.78 largely due to Anthropic pretax gains. Clean revenue of 200.6B vs 196.16B est is the real beat to watch, driven by AWS expected ∼30% growth to ∼40.5B. That's why the stock is only up 6.5% to 250.70 instead of 200% - the market strips out the investment noise and trades the operating guide. $AMZN