💻 **AWS's Road to a Trillion**

• AWS revenue grew **36.7% YoY to $42.2B** in Q2 2026 — the fastest pace in 18 quarters, narrowing Azure's lead from 16 points to just 6.
• CEO Andy Jassy says AWS has the potential to become a **$1 trillion** revenue business, against a current $169B annualized run rate.
• Amazon raised 2026 capex to **$220B**; trailing free cash flow flipped to _negative $7.6B_ as spending outpaces cash generation.
• AWS's $496B backlog is smallest of the "big three" cloud players, behind Microsoft's $678B and Google's $514B.

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