Amazon and Apple Continue to Drive Growth Despite Recent Volatility

Amazon's cloud and e-commerce businesses are driving strong growth for the company. The recent all-time high in Amazon stock prices after its Q2 2026 earnings report is a testament to this.

The company's AWS business, which provides cloud computing services, saw revenue surge 37% to $42.2 billion last quarter. This growth is being driven by increasing demand for AI infrastructure, with a $496 billion backlog backed by partnerships with companies like Anthropic and OpenAI.

Meanwhile, Amazon's e-commerce business continues to perform well, with North American revenue up 16% and international revenue up 15%. The company also saw strong operating leverage in its cloud computing business, with AWS operating income soaring 63% to $16.6 billion last quarter.

Another stock that has hit an all-time high is Apple. While the stock fell back due to service revenue and China coming up short of expectations, long-term investors are looking at the company's tightly integrated hardware and walled-garden ecosystem as a key driver of its compounding business model.