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Core Viewpoint - The recent earnings report from Amazon has raised concerns among investors, particularly regarding the performance of its cloud service (AWS) and its significant investments in artificial intelligence (AI), leading to a sharp decline in its stock price [1][2]. Group 1: Amazon's Financial Performance - Amazon's stock price fell by over 9% during trading on August 1, closing down 8.27%, resulting in a market value loss of over $206.3 billion (approximately 1.474 trillion RMB) [2]. - AWS generated $30.8 billion in revenue for Q2, slightly exceeding expectations of $30.7 billion, with a year-on-year growth of 17%, maintaining the same growth rate as the previous quarter [2]. - The operating profit margin for AWS dropped from a record 39.5% in Q1 to 32.9% in Q2, indicating a decline in profitability [2]. - Amazon's overall Q2 earnings per share were $1.68, with total revenue of $167.7 billion, both surpassing market expectations [3]. Group 2: Competitive Landscape - Compared to competitors, Amazon's AWS growth is lagging behind Microsoft and Google, with Microsoft reporting a 34% year-on-year growth for its Azure services, which is significantly higher than AWS's performance [2][3]. - Analysts are increasingly suggesting that competitors are gaining an advantage over AWS, as evidenced by Microsoft's Azure revenue surpassing $75 billion for the fiscal year 2025 [3]. Group 3: Management Commentary - Amazon's CEO, Andy Jassy, acknowledged a supply bottleneck in AI capabilities, stating that the primary constraint is electricity, which has heightened investor concerns [1][4]. - Jassy attempted to reassure investors about AWS's competitive position, emphasizing its scale and differentiated advantages, including superior security and operational performance [6]. - He also highlighted the potential of AI-driven products like Alexa+, which is being positioned as a more advanced personal assistant, indicating a clear commercialization path through various channels [7].