Jeff Bezos Stepped Down as Amazon CEO 5 Years Ago, and the Stock Has Lagged the S&P 500 Since. Could Amazon's 15.3% Gain on July 31 Mark a Turning Point?

Amazon stock surged 15.3% on July 31, 2026, following a breakout earnings report showing its fastest revenue growth in five years at 20% ($167.7B). AWS delivered exceptional results with 37% revenue growth to $42.2B, its fastest rate in 18 quarters. The company's AI and chips businesses each exceeded $25B annual revenue run rates with triple-digit growth. Despite the strong performance, Q3 guidance of 9-12% growth suggests the current rate is not sustainable, partly due to Prime Day shifting from July to June.