What's behind the move: The e-commerce and cloud giant topped second quarter expectations as accelerating cloud growth at Amazon Web Services (AWS) helped drive strong results. Amazon also said its AI and custom chip businesses have each surpassed a $25 billion annualized revenue run rate. AWS generated $42.2 billion in second quarter revenue, up 36.7% year over year, fueled by strength across both its core cloud business and AI services. "We added over $4.6 billion in revenue quarter over quarter — about 80% more than our largest increase ever. What else you need to know: Heading into the earnings report, Wall Street was closely watching Amazon's cloud growth and capital expenditures on AI infrastructure.