Amazon reports Q2 earnings tonight after smashing estimates by 61% last quarter, but shares have slipped since then and Wall Street wants answers on whether AWS can sustain its fastest growth in 15 quarters while a $200 billion AI buildout quietly squeezes margins.

Amazon (AMZN) earnings preview: options imply a ±7% post-earnings move, with heavy call buying at $240-$255 and put hedges near $205.

Amazon shares surged in after-hours trading Thursday after the tech giant posted its first $200 billion quarter and beat Wall Street expectations with its financial results. Growth in advertising and AWS keyed the performance,

Amazon reported its Q2 earnings after the bell on Thursday.

Options imply a $14-$15 move as Amazon prepares to report its Q2 results. AWS growth above 32% could support the bull case despite heavy AI spending. Soft cloud growth or weaker guidance could send Amazon shares sharply lower.

Amazon reported its second-quarter 2026 earnings Thursday, revealing it beat Wall Street’s estimates with more than $200 billion in revenue for the April-June quarter. Ad revenue for the quarter was up 26% while the company’s profit jumped to $62.

Analysts reveal what could happen to Amazon shares, but the thesis may be ignoring the bigger picture.

Amazon beat on sales, AWS, operating income and earnings per share. AWS grew 37% to $42.2 billion, its fastest pace in 18 quarters. Free cash flow turned negative as AI capex hit $169 billion. Amazon beat Wall Street on every headline metric in the second quarter, and Amazon Web Services grew 37% year over year, its fastest pace in 18 quarters.

AWS & ads drive stronger margins as AI spend pays off. Click for this AMZN update and see why I remain bullish.