Amazon: A Scaled-Up AWS Rinse And Repeat Is All It Needs

Amazon is accelerating into strong double-digit revenue growth, with Q2 2026 expectations at 16.8% year-on-year and robust AWS momentum.

CapEx is now overwhelmingly dedicated to AWS and generative AI, with TTM CapEx at $151 billion and a target to exceed $200 billion by FY 2026.

AWS and AI revenue growth are directly linked to CapEx, supporting a bullish thesis for 40–45% AWS revenue growth over the next several quarters.

I maintain a Strong Buy rating, citing substantial backlog, high revenue visibility, and the potential for valuation compression post-Q2 earnings.

Amazon ( AMZN ) is quite stealthily making its way into strong double-digit growth as we approach Q2 2026 earnings at the end of this month.