Cloud providers set new records in Q2 revenues and backlogged orders; Bernstein is bullish on Amazon and Microsoft, while CoreWeave's doubled revenue is still viewed pessimistically.

Zhihu Finance APP noted that in the second quarter of 2026, global cloud giants collectively accelerated: Amazon AWS achieved its highest growth in 18 quarters, Google Cloud surged by 82%, and Oracle OCI doubled. Investment bank Bernstein believes that cloud market demand still far exceeds supply, with the bottleneck shifting from GPU supply to the physical capacity of data centers capable of being powered. Meanwhile, the return on massive capital expenditures and methods of financing are becoming new key factors in determining wins and losses.