Amazon’s $25 billion bond sale funds AI infrastructure amid 28% AWS growth, contrasting Microsoft’s $37 billion AI run rate and $627 billion backlog.
Amazon issued a $25 billion multi-tranche bond to finance AI infrastructure, as AWS revenue surged 28% to $37.59 billion, its fastest growth in 15 quarters. The company reported $181.52 billion in revenue and EPS of $2.78, beating estimates of $1.653, with a 37.7% AWS operating margin.
Microsoft posted $82.89 billion in revenue and EPS of $4.27, with Azure growing 40% and its AI business reaching a $37 billion annual run rate. Commercial remaining performance obligations hit $627 billion, nearly doubling year-over-year, reflecting long-term contracted demand.
Amazon’s custom silicon, including Trainium, is expected to save tens of billions in annual CapEx, while Microsoft relies on its OpenAI stake and backlog. Both firms reported earnings on April 29, 2026, highlighting divergent AI strategies.