Amazon’s Cloud Backlog Signals Growth Amid Market Volatility

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2026-05-01 03:02:02

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Amazon’s first-quarter earnings outperformed expectations, with revenue reaching $181.5 billion—a 16.5% year-over-year increase—and EPS climbing to $2.78. The cloud backlog surged to $364 billion, a 49% quarterly jump, underscoring accelerating demand for AWS infrastructure.

CEO Andy Jassy highlighted the $100B Anthropic deal as a strategic bet on AI infrastructure, though markets reacted with volatility—AMZN stock hit record highs before retreating sharply. The cloud backlog now represents a compelling bull case, dwarfing Q4’s $244B figure.

Unlike rivals Microsoft and Alphabet, Amazon maintained its capex guidance, suggesting disciplined growth in hyperscale data centers. The report reinforces AWS as the profit engine: cloud margins expanded despite rising AI investments.

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