Amazon heads into its Q2 earnings report with the stock up 5% in 2025. Analysts are listening for AWS and AI updates in the 5 p.m. ET call.

The tariff deal between the U.S. and China helped Amazon stock rally back from April lows. But the stock is still chasing highs from early February and may have some questions to answer for investors before it can reach new heights.

Amazon reports Q2 2025 earnings Thursday, with investors watching for signs of AI-driven growth, AWS momentum, and how economic trends are affecting e-commerce.

Amazon and Microsoft's dominant position in cloud computing is having an adverse effect on competition, exacerbated by technical and commercial barriers to switching, an inquiry group from Britain's antitrust regulator said.

Amazon Web Services (AWS), the cloud unit that accounts for less than a fifth of the company's sales but typically about 60% of its profit, likely grew 17% in the April-June period. Amazon, like its rivals Alphabet and Microsoft,