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Amazon reports Q2 on July 30. Ignore the headline profit — watch free cash flow. 🧠 Q1 net income looked huge at $30.25B and $2.78 EPS, but $16.8B of that was a one-time Anthropic gain. That’s not AWS, retail, or ads. The real signal is cash. Operating cash flow is strong: TTM up 30% to $148.5B. But free cash flow crashed from $25.9B to $1.2B YoY. Why? AI capex. Property & equipment spending jumped $59.3B for data centers, chips, and infrastructure. So the core business is still printing money. The question for Q2: is that massive spend turning into AWS revenue and delivered assets, or just burning cash? Also don’t just track AWS. Q1 operating profit was $23.85B: $14.16B from AWS, $8.27B from NA retail, $1.42B from international. Fulfillment, Prime Day, and margins matter too. Post-earnings playbook: cash flow statement first. OCF minus capex = FCF. Then strip out investment gains from net income. #DailyOrbit #FOMCRateWatch #CXMTDebutShockwave