Is Amazon a Buy After Its Latest Earnings Report?

Amazon's stock surged 8% after-hours following strong Q2 earnings, driven by AWS's fastest quarterly growth in over four years (36.7% YoY), and booming AI and custom chips businesses both hitting $25 billion annual run rates. A $53.4 billion gain from its Anthropic investment boosted net income, though negative free cash flow of $7.6 billion and continued heavy capex spending of $200 billion raise concerns about cash burn.