Amazon faces AWS growth test as cloud competition heats up ahead of Q3 earnings

Amazon heads into its October earnings under pressure to prove that AWS can regain momentum after slower-than-expected 17% growth last quarter. The cloud giant’s margins slipped to 32.9% as it poured over $31 billion into AI infrastructure—the largest capital outlay in its history. With Azure and Google Cloud closing in, investors are watching whether these investments can reignite AWS’s growth leadership among hyperscalers.