Amazon printed $5.75 of EPS this week. About $3.80 of it never touched a bank account. Hold that thought, because the 10% pop itself is deserved. The operating quarter might be the best they have ever reported. AWS grew 36.7%, fastest in 18 quarters, against a street at 31%. $42.2 billion of revenue at a 39.4% operating margin, up 650 basis points from last year. So much for AI diluting cloud margins. Backlog is $496 billion, growing triple digits, average contract life 6.4 y