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After opening the trend following Amazon's earnings release, the stock price first surged sharply from about $235 before the earnings report in after-hours trading, then further rose during the next day's regular trading session, finally closing near $271.58. Although there were fluctuations afterward, the price never showed a significant pullback and ultimately remained at a high level. #财报观察员：亚马逊指引不及预期，股价却反涨9% Actually, when looking at the latest earnings reports of Amazon and Microsoft together, I believe the signals they convey are similar: both are increasing AI investments while informing the market of the phased results of these investments. To further understand this, we first need to "break down" Amazon's most impressive profit figures. Because the most eye-catching net profit this quarter does not represent the core business, which many market earnings views might have already told you. This earnings perspective tells you more than just the operating profit after stripping away... 1. After net profit distortion, what does operating profit indicate? Amazon's total revenue for Q2 reached $200.6 billion, a 20% year-over-year increase; operating profit grew from $19.2 billion in the same period last year to $27.5 billion, an increase of about 43%. One of the most exaggerated figures this time is indeed net profit: Amazon's net profit this quarter reached $62.6 billion, a year-over-year increase of about 244%. Looking only at the income statement, Amazon seems to have suddenly entered a profit explosion phase. However, this quarter's net profit includes about $53.4 billion in pre-tax non-operating income, mainly from changes in the value of Amazon's investment in Anthropic. This part of the income