Amazon reports its Q2 2026 earnings today after the bell, with the conference call slated for 5:00 p.m. ET. Analysts expect earnings per share of $1.82 on total revenue of roughly $196.9 billion. That’s within the company’s own guidance range of $194 billion to $199 billion, which would represent 16% to 19% year-over-year growth.

AWS is the headline act

Wall Street’s consensus puts AWS revenue at $40.5 billion for the quarter, which would mark a 31% increase compared to the $30.8 billion reported in Q2 2025.

AWS revenue growth hit 28% in Q1 2026, its fastest pace in 15 quarters. If the Q2 number lands at or above expectations, it would mean the division is actually accelerating, not just coasting on previous momentum.

Amazon’s investment in Anthropic, the AI firm behind Claude, generated $16.8 billion in pre-tax gains during Q1 2026. Amazon has invested more than $13 billion in Anthropic, with additional funds potentially reaching $20 billion based on performance milestones.

The $200 billion question

Amazon has earmarked roughly $200 billion for capital expenditures in 2026, directed primarily at data centers, networking infrastructure, and custom AI chips.

AWS growth accelerating to potentially 31% suggests that demand for AI-optimized cloud services is outpacing even aggressive internal forecasts. But capital expenditure of this magnitude creates a long tail of depreciation that will weigh on margins for years.

What this means for crypto and digital asset markets

When Amazon spends $200 billion on infrastructure, it tightens the global supply of GPUs and custom silicon. That has downstream effects on crypto mining operations and decentralized compute networks like Render and Akash, which rely on GPU availability and pricing.

Amazon’s deep investment in centralized AI development stands in direct contrast to the decentralized AI narrative gaining traction in crypto. Projects building open-source, token-incentivized AI models are essentially betting that the Amazon approach — massive capital concentration in a few corporate hands — will create enough market friction to make alternatives attractive.

Investors watching the call tonight should pay attention to three things: AWS revenue growth rate, any updates to the full-year capex guidance, and management commentary on AI workload demand trends.