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AI adoption accelerates AWS revenue growth, Pershing Square says
In a Q2 2026 letter, Pershing Square Holdings linked AI-driven demand to AWS revenue growth rising from 20% in 2024 and 2025 to more than 30% this year.
Pershing Square Holdings highlighted Amazon.com in its second-quarter 2026 investor letter, saying investor worries about the scale of capital expenditures behind Amazon Web Services remain muted versus the company’s operating momentum, according to the Yahoo Finance account of the letter.
Pershing Square attributed an acceleration in AWS revenue growth to increasing AI adoption, noting AWS growth moved from about 20% in 2024 and 2025 to more than 30% this year.
The letter also pointed to retail momentum, saying Amazon’s unit volumes were up 15% in Q1 2026, described as the fastest pace since 2021.
As context for the view, the article states Amazon closed on August 17, 2026 at $261.31 per share, with a market capitalization of $2.82 trillion, and it reported a one-month return of 5.56% and a 14.60% gain over the past 52 weeks.