The investor notes Amazon's Q2 AWS revenue grew 37% year-over-year to $42.232 billion with a 39.4% operating margin, and advertising revenue rose 26% to $19.809 billion. Despite negative free cash flow of -$7.6 billion due to a 68.44% surge in capital expenditure to $54.208 billion, the investor believes this spend is backed by contracted AI capacity and that the market is pricing Amazon like a retailer while its internals behave like a utility conglomerate. Amazon's stock has risen 13.49% to $267.28 since July 30.