The company still has more demand for AWS services than it has capacity for, however. Currently, the bottleneck is in power, Jassy said, though it could at some point shift to chips. Amazon has added 3.8 gigawatts of power to its AWS infrastructure in the last year, with another gigawatt coming in Q4.

For its advertising division, Amazon highlighted deals with Netflix, Spotify, and SiriusXM. The ads business saw 24% growth from the year prior, to $17.7 billion in revenue.

The key quote

Agentic commerce is coming.

While it’s become very easy to buy things online when you know what you want, a physical store with a physical salesperson still has some advantages over ecommerce when you don’t know exactly what you want, Jassy explained in response to an investor question about agentic. But that’s going to change as AI agents get better at guiding online shopping experiences, he said.

“AI and agentic commerce solutions are going to expand the amount of shopping that happens online,” Jassy said. “That’s really good for customers, and I think it’s really good for Amazon, because at the end of the day, you’re going to buy from the outfit that allows you to have the broadest selection, great value, and continues to deliver for you very quickly and reliably.”