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Cloud big three post record growth despite AI bubble fears, keep pressing infrastructure investment

Amazon Web Services, Microsoft and Google Cloud extended stronger-than-expected growth in the second quarter and signalled they will keep investing aggressively despite concerns about overheating in AI infrastructure. AWS revenue rose 37 percent to $42.23 billion and operating profit beat forecasts. Amazon raised its 2026 capital spending view to $220 billion. Microsoft reported 43 percent Azure growth and said annual Azure revenue topped $100 billion. Google Cloud revenue rose 82 percent and Alphabet lifted its capex outlook.