Amazon surpassed a $3 trillion market cap, driven by record Q2 2026 results and robust fundamentals, not just multiple expansion. Q2 revenue reached $200.61 billion (+20% YoY), AWS grew 36.7% YoY, and operating income soared 43% YoY to $27.5 billion with a 13.7% margin. CapEx guidance increased to $220 billion for 2026, but management emphasized demand is locked in, with a $496 billion AWS backlog growing triple digits YoY.