Revenue for the quarter reached $201 billion, above expectations of $197 billion, and up 20% on the year.

U.S. stock indexes finished a volatile week of trading higher, though they ended July mostly lower. The tech-focused Nasdaq Composite, benchmark S&P 500, and blue-chip Dow Jones Industrial Average closed Friday up a respective 1%,

Amazon reports Q2 earnings on July 30, and the setup looks unlike anything the stock has offered in years. Four compounding business segments, a cloud franchise hitting multi-year highs, and a $200 billion AI bet that Wall Street is quietly pricing as a near-certain winner.