Amazon has delivered a historic earnings beat with Q2 FY2026 net income surging 245% YoY to $62.65B and AWS accelerating 37% YoY to $42.2B, triggering a fundamental re-rating that is still incomplete relative to Morningstar's $280 fair value estimate. At $271.58, the stock remains ~3% below the $280 fair value target with institutional accumulation continuing across sessions, and the AI infrastructure supercycle theme — driven by surging data center demand for copper, compute, and cloud — provides durable medium-term tailwinds for AWS revenue growth. The post-earnings momentum is structurally supported rather than speculative, as the profitability inflection validates a multi-year margin expansion thesis ahead of schedule.