Amazon (AMZN) will release its second-quarter earnings on July 30, and another quarter of solid growth appears likely. The muted stock performance reflects a growing concern about Amazon's massive spending on cloud and AI infrastructure. Strength Across Businesses to Drive Amazon's Q2Amazon is expected to report a strong Q2, supported by accelerating growth across its cloud, AI, advertising, and e-commerce businesses. Within AWS, AI-related revenue is already growing at a triple-digit rate, underscoring the rapid adoption of Amazon's expanding AI platform. Current-generation chips are largely sold out, while future platforms are already attracting reservations well ahead of launch, highlighting Amazon's growing competitiveness in AI infrastructure.