North America’s four major cloud providers saw significant stock gains in after-hours trading on August 3, with Amazon rising 4.58% to a new all-time high after 61 trading days, surpassing USD 3 trillion in market capitalization. Alphabet-C and Microsoft gained more than 4%, Meta Platforms rose more than 6%, and Oracle posted a single-day gain of over 9%. The gains reflect broad validation of AI monetization capabilities. Amazon’s second-quarter AWS revenue reached $42.23 billion, surpassing analysts’ expectations of $40.57 billion, marking the highest growth rate in 18 quarters. CEO Andy Jassy said the company is “less than three years” away from breaking even on server and networking infrastructure investments. Microsoft’s Azure revenue grew 43% year-over-year, exceeding the forecast of 39.98%, with $678 billion in remaining performance obligations, up from $627 billion. Google Cloud reported an 82% surge in service revenue. Amazon raised its full-year capital expenditure forecast to $220 billion, with Jassy noting that 2026 computing capacity supply will still fall short of fully meeting customer demand. Huafu Securities assessed the industry remains in intensive investment, with focus shifting to when ROI from AI computing will materialize. Huachuang Securities said attention should now be placed on inference costs and cash flow conversion, as the sector enters the ROIC validation phase.