Amazon (AMZN) AWS Grows 28% on $150B Run Rate with $364B Backlog

In Q1 2026, Amazon's (AMZN) AWS grew 28% year over year on a $150 billion run rate, marking the fastest growth in 15 quarters. AWS has a backlog of $364 billion, which excludes substantial commitments from clients like Anthropic. Operating income for the quarter was reported at $14.2 billion with a margin of 37.7%. The stock closed at $247.55, up 7.25% year-to-date, and has an analyst target price of $312.87. This growth and backlog position Amazon favorably against competitors like Microsoft and Alphabet, making it significant for investors focusing on the AI and cloud sectors.