Amazon: This Post-Q2 Dip Makes No Sense

Amazon delivered Q2 2025 revenue of $167.7 billion (+13% YoY) and EPS of $1.68 (+33% YoY), beating consensus on both top and bottom lines. AWS revenue grew 17.5% to $30.9 billion, but operating margin fell to 32.9% due to higher stock-based comp, FX, and heavy AI infrastructure investment. Amazon's long-term growth drivers - cloud, AI, automation, and digital ads - remain intact, supporting my continued 'Buy' rating despite near-term margin pressures.