In Dolphin Research's earlier piece 'AMZN's AI Misfire: Can It Mount a Comeback?', we examined AWS's AI buildout from several angles.

When OpenAI took off, Microsoft enjoyed the limelight. As Gemini gained traction, Google Cloud surged ahead.

Below is Dolphin Research's FY26Q1 earnings call Trans for $Amazon(AMZN.US).

For our earnings analysis, see 'Retail Steady, AI Breakthroughs: Is AMZN back in the top tier?'.

I. Core highlights recap — 1) Guidance: Q2 net sales of $194-199bn (FX headwind ~10bps); Q2 OP of $20-24bn...

$Amazon(AMZN.US) released its Q1 2026 results after the US market close on Apr 30 (Beijing time). It was an after-hours release.

Is North America's power shortage a near- to mid-term supply-demand mismatch? Or a long-term structural issue?

Below is Dolphin Research's Trans of $Amazon(AMZN.US) FY25 Q4 earnings call. For our earnings take, see 'A $200bn arms race: Amazon takes AI to a new level'.

$Amazon(AMZN.US) reported Q4 2025 results after-hours on Feb 6 Beijing time. Overall, the quarter was solid with some blemishes. Revenue and OP came in slightly above estimates.

The following is the Q3 2025 earnings call minutes for $Amazon(AMZN.US) organized by Dolphin Research. For earnings interpretation, please refer to "AWS's Major Reversal: Has Amazon Finally 'Turned the Corner'?" 1. Review of Core Financial Data 2. Detailed Information from the Earnings Call 2.1 Key Executive Statements and Strategic Outlook 1. AWS Business Momentum: AWS growth rate reached its highest level since 2022, with a year-over-year growth rate returning to 20.2%. Achieving a 20% year-over-year growth on an annualized run rate of $132 billion is extraordinary...

$Amazon(AMZN.US) announced its Q3 2025 financial results after the U.S. stock market closed on October 31st, Beijing time. As the current market is almost entirely focused on cloud business, this quarter AWS finally experienced long-awaited accelerated growth beyond expectations, which is the biggest highlight and key signal of this quarter's performance. Aside from this, the company's growth and profit performance in the retail business were generally stable and in line with expectations. Specifically: 1. The long-awaited AWS acceleration has finally arrived: the current growth rate of the cloud business has almost become the single indicator that "determines life and death"...

The following are the minutes of Amazon's Q2 2025 earnings call. For an interpretation of the financial report, please refer to "AWS Shows No Progress, Retail Faces Concerns, Should Amazon First Take a Step Back to Leap Forward?" 1. Review of Core Financial Information: 1. Business Guidance: The company remains optimistic about future development, projecting net sales for the third quarter to be between $174 billion and $179.5 billion, with changes in foreign exchange rates expected to have a favorable impact of approximately 130 basis points. Operating income for the third quarter is expected to be between $15.5 billion and $20.5 billion. The company will continue to focus on enhancing customer experience, cost control, and technological innovation...