Image from Pixabay Amazon.com (AMZN) stock has returned 8.9% over the past twelve months and trades about 13% below its 52-week high. Its cloud arm spent those months doing something the share price has not reflected. AWS growth sped up again in Q2 2026, and the contracts queued up behind it kept building. The upside case for the stock rests almost entirely on turning that queue into revenue. Why Is AWS Accelerating At This Size? AWS revenue grew 36.7% year over year in Q2 2026, up from 28% in Q1 2026, and management counts it as the fifth straight quarter of acceleration. That direction is rare on a base this large. Management's explanation is mechanical.
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