[HSBC: AWS Revenue Grows 37%, Amazon's Q3 Expected to Exceed Guidance Upper Limit] According to Deep Tide TechFlow, citing research from Tide Research, HSBC's October 12, 2026, report noted that Amazon AWS's Q2 revenue reached $42.2 billion, a year-on-year increase of 37%, marking the fastest growth in 18 quarters. AWS operating profit was $16.6 billion, up 59.4% year-on-year. HSBC estimates Q3 revenue at $203.3 billion and operating profit at $27 billion, both exceeding the company's guidance upper limits (revenue $202 billion, operating profit $26.5 billion). The company has exceeded its operating profit guidance upper limit for 15 consecutive quarters. HSBC believes that market concerns over the sustainability of capital expenditures by hyperscale vendors and AI demand are misjudged. It maintains a "Buy" rating with a target price of $310, representing a 22% upside from the October 8 closing price. Accelerated AWS growth, AI services ARR exceeding $20 billion, and self-developed chip ARR surpassing $25 billion provide strong support.