Amazon's Q2 FY2026 results revealed a structural inflection in profitability — net income +245% YoY on 20% revenue growth — driven by AWS acceleration to 37% YoY growth for the fifth consecutive quarter, confirming AI-driven cloud demand as a durable earnings engine. At $271.58, the stock trades approximately 3% below Morningstar's $280 fair value estimate, and the fundamental re-rating is still early given AWS's expanding AI infrastructure moat and the $200B capex cycle positioning Amazon as the dominant cloud and AI platform. Entry now captures the post-earnings confirmation of the growth thesis before the next leg of institutional accumulation as the market digests the full magnitude of margin expansion.