Amazon Q1 Beats with 17% Revenue Growth, AWS Surges 28%; Shares Rise Post-Market

Amazon crushed Q1 estimates with 17% YoY revenue growth to $177.2B+, EPS beat, and AWS up 28% on a $364B backlog, driving shares higher post-market amid AI momentum. The beat caps a hot streak: Anthropic's $100B+ 10-year AWS pledge and up to $25B Amazon investment (April 20), Meta's tens-of-millions Graviton cores deal (April 24), OpenAI Bedrock expansion with GPT-5.5 (April 28), and Trainium chip sales plans with $225B commitments and $20B+ run-rate (April 29). Heavy $200B capex de-risked by AI deals positions AWS for margin expansion.