Cổ phiếu Amazon tăng hơn 20% khi nhu cầu AI thúc đẩy tăng trưởng AWS

The Huoxing Finance report states that on August 4, Amazon's stock hit a new all-time high during intraday trading, with its market capitalization surpassing $3 trillion for the first time. Within two trading days following the earnings announcement, the company's stock price rose more than 20%, as the market reassessed the growth potential of its AI infrastructure and cloud business. The core driver behind the stock price surge is the accelerated growth of AWS. Amazon's second-quarter revenue increased by 20% year-over-year to $200.6 billion, with AWS revenue reaching $42.2 billion, up 37% year-over-year—the fastest growth rate in nearly 18 quarters. Meanwhile, AWS's backlog rose from $364 billion in the previous quarter to $496 billion, indicating sustained expansion in AI-related cloud computing demand. Amazon CEO Andy Jassy stated that the company's AI business and in-house chip business have each reached an annualized revenue scale exceeding $25 billion, and even with continued investment, computing resources in 2026 will still be insufficient to meet all customer demands, with AI infrastructure needs potentially extending through 2028. To meet AI computing demands, Amazon has raised its 2026 capital expenditure plan from $200 billion to $220 billion, focusing on investments in data centers, servers, chips, and network equipment. Bank of America Securities estimates that the total capital expenditures of cloud giants such as Amazon, Microsoft, and Google in 2026 could reach $860 billion. However, large-scale AI investments have also pressured Amazon's short-term cash flow. As of the second quarter, the company's free cash flow over the past 12 months was negative $7.6 billion. Jassy noted that there is a timing mismatch between current investments and revenue recognition; as data center investments begin generating returns, future revenue growth is expected to outpace capital expenditure growth. The market believes that AI commercialization is reshaping the valuation logic of the cloud computing industry. Beyond Amazon, Microsoft Azure grew 43% in the second quarter, and Google Cloud grew 82%, indicating that enterprise AI computing demand remains in an expansion phase. Analysts point out that investors are re-evaluating winners and losers among tech giants, with companies possessing cloud platforms, customer resources, and AI infrastructure capabilities likely to be the primary beneficiaries of the next AI investment cycle.