Amazon heads into its Q2 earnings report with the stock up 5% in 2025. Analysts are listening for AWS and AI updates in the 5 p.m. ET call.

The tariff deal between the U.S. and China helped Amazon stock rally back from April lows. But the stock is still chasing highs from early February and may have some questions to answer for investors before it can reach new heights.

Amazon reports Q2 2025 earnings Thursday, with investors watching for signs of AI-driven growth, AWS momentum, and how economic trends are affecting e-commerce.

Amazon will seek to reassure investors on Thursday that its cloud business, a critical driver of profits, is growing at a fast enough clip to offset any pullback in consumer spending that could throttle its retail operations.

Britain’s competition regulator called for a probe into Microsoft and Amazon’s cloud market dominance under the country’s strict new tech rules.