Amazon (AMZN) reported second-quarter financial results on Thursday evening for the period ended June 30, posting GAAP EPS of $5.75 on revenue of $200.606 billion, a year-over-year increase of 19.6% that beat Wall Street expectations by more than $4 billion. The EPS print beat Wall Street by more than $1.80 per share. Amazon posted non-operating pre-tax income of $53.4 billion, primarily due to its investment in Anthropic. AWS drove nearly 37% sales growth, its fastest pace in 18 quarters. CEO Andy Jassy said in the press release: “AWS is booming, growing 36.7% year-over-year in Q2 — our fastest growth in 18 quarters — and our AI and Chips businesses each eclipsed run rates of more than $25 billion.” He also noted record delivery speeds for Prime members, with over 40% more items delivered same-day or overnight, and Advertising growing 26% year-over-year. On the AI capex upspend, Jassy said, “As we get a few years out and the revenue growth outpaces the incremental capex growth, which will happen at some point … the resulting revenue, free cash flow and return on invested capital is very compelling.” Cost of sales increased 18.5% to $95.778 billion, total operating expenses increased 16.6% to $173.145 billion, and GAAP operating