TLDRAmazon stock remains near record levels after reaching a new all-time high following second-quarter results.AWS revenue rose 36.7% year over year to $42.2 billion, while backlog climbed to $496 billion.AWS generated $16.6 billion in operating income and reached an annualized revenue run rate of about $169 billion.Amazon’s custom chip and AI-related businesses each surpassed a $25 billion annualized revenue run rate.Advertising revenue increased 26% year over year to $19.8 billion, supported by Sponsored Products, Prime Video, and live sports.Amazon (AMZN) stock remains close to record levels after Amazon reported its second-quarter results and reached a new all-time high. Shares later eased from that peak, but the company’s core businesses continued to post strong growth across cloud computing, advertising, e-commerce, and artificial intelligence services.Amazon.com, Inc., AMZNAmazon also continued heavy spending on AI infrastructure. Strong operating results helped support that investment plan as the company expanded data centers, chips, automation, and cloud capacity.Amazon Stock Supported by AWS GrowthAmazon Web Services generated $42.2 billion in second-quarter revenue, up 36.7% from a year earlier. AWS growth accelerated for a fifth straight quarter, while revenue increased by more than $4.6 billion from the previous quarter.AWS backlog reached $496 billion and grew at a triple-digit rate from a year earlier. The business now has an annualized revenue run rate of about $169 billion as customers move more workloads to cloud services.AWS also produced $16.6 billion in operating income during the quarter, while its revenue growth accelerated for the fifth consecutive quarter, according to management at Amazon.Amazon’s custom chip business exceeded a $25 billion annualized revenue run rate and grew at a triple-digit pace. AI-related revenue also moved above $25 billion as customers increased spending on computing power and AI services.Demand for Amazon’s Graviton processors also increased. Revenue commitments for the platform nearly tripled from the previous quarter, while Graviton5 adoption continued to grow among large AWS customers.Advertising Revenue Keeps ExpandingAmazon’s advertising revenue reached $19.8 billion in the second quarter, rising 26% from a year earlier. Sponsored Products remained the company’s largest advertising format and continued to support growth across its retail platform.Amazon also expanded advertising through Prime Video, live sports, Alexa+, and shopping tools. These services give brands more ways to reach consumers across Amazon’s digital platforms.Amazon continued to improve its e-commerce network by placing inventory closer to customers and reducing package travel distances. The company also cut handling steps and improved package consolidation to control delivery costs. Automation remains part of that strategy. Amazon expects to more than double its fleet of robotic arms, which could increase warehouse productivity as order volumes grow. Together, cloud growth, advertising gains, AI spending, and fulfillment improvements remain central to the current Amazon stock story.The post Amazon (AMZN) Stock Pulls Back, but One Growth Engine Is Accelerating appeared first on Blockonomi.