Amazon's Cloud Crown Remains Unchallenged

Amazon's shares have underperformed the S&P 500 index over the past few months, rising by only 2.5% through July 31 compared to a gain of 3.9% for large-cap stocks.

The tech giant has maintained its dominant market share in cloud computing and online retail, with nearly 36% of U.S. e-commerce sales in 2025 and a leading position in the fast-growing AWS business.

Amazon's reliance on AWS has proven to be a sound strategy, with the cloud-computing business growing its sales by 36.8% year-over-year in the second quarter to $42.2 billion.