Amazon ( $AMZN ) is up more than 11% premarket after a standout Q2 that reinforced the AI investment story. AWS revenue surged 37% to $42.2B, operating income jumped 43%, and Amazon raised its 2026 capex guidance to $220B as AI infrastructure demand continues to accelerate. Wall Street's takeaway: Bigger AI spending isn't hurting returns. Analysts at RBC, Morgan Stanley, Bank of America, and Wells Fargo all pointed to improving AWS profitability, a stronger backlog, and growing confidence that Amazon's AI investments could deliver attractive long-term returns. Is Amazon setting the pace for the next phase of AI infrastructure spending? $MSFT $GOOGL
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