Amazon's (AMZN) AWS business has entered a new orbit. The company's key cloud computing business notched a 37% sales surge in the second quarter, a growth rate acceleration of 8 percentage points sequentially. Gains were powered by strength in both core and AI services as artificial intelligence speeds up customers' cloud migrations and drives greater usage across the platform. What's more, AWS Margins surged 520 basis points from the previous year to 38.1%. AWS revenue over the past 12 months was higher than the revenue of 474 companies in the S&P 500 (^GSPC), Creative Planning strategist Charlie Bilello pointed out.