Amazon: An Earnings Supercycle Is Taking Shape

AWS revenue surged 39.3% to $46 billion, while its 38.7% margin contributed 63% of Amazon's operating income. At 35% margins, management's AWS growth outlook could translate into approximately $126 billion in annualized operating profit. Bedrock token usage climbed nearly 17-fold, while custom chips saved customers over $2 billion during Q3.