Editorial companion

What stands out

Bloomberg Intelligence’s take matters because it frames Amazon’s 2Q beat as an AI story: Amazon Web Services is carrying the quarter, while retail and advertising outperformance and AI-driven shopping are bolstering engagement. The callout that AWS sales could remain at or above 35% in the back half is the single most consequential line for investors thinking beyond next quarter. Management also bumped 2026 cash-capex to $220 billion from $200 billion, signaling memory-price-driven infrastructure spending is no longer a footnote. Apple is present in the discussion but plays second fiddle to the cloud and capex narrative.