Amazon.com (AMZN) generated $776 billion in sales over its last twelve months, giving the company a scale where most new ventures barely move the total. This size makes it difficult to see what could still lift the stock. Yet management said on its fiscal Q2 2026 call that the cloud business has more demand than it can serve. So what has Amazon already sold that it has not yet delivered?
Amazon Has $496 Billion Of Orders Still To Deliver
Amazon reported a backlog of $496 billion on that call, a figure management said had at least doubled from a year earlier. A backlog is the value of contracts customers have signed for work not yet done. As a made-up example, a five-year deal worth $10 billion translates into about $2 billion of revenue a year, and the part not yet delivered waits in the backlog.
That structure explains why contract length matters here. Management said most of Amazon’s AI capacity is now contracted…
https://finance.yahoo.com/markets/stocks/articles/amazon-stocks-biggest-opportunity-110302235.html
