AWS's Road to a Trillion

AWS grew 36.7% in Q2 2026 to $42.2b, its fastest in 18 quarters, narrowing Azure's lead from 16 points to 6. Jassy said AWS has the potential to become a $1 trillion annual revenue business, against a current $169b annualized run rate. Amazon raised 2026 capex to $220b and trailing free cash flow fell to negative $7.6b.