Amazon Web Services (AWS) is the largest cloud provider in the world, with a $200 billion backlog of business at the end of last year’s third quarter. Despite its size, AWS growth reaccelerated in the third quarter.

With Amazon’s stock barely moving, all eyes are on AWS sales when the company reports its 2025 fourth-quarter earnings on Feb. 5. AWS is Amazon’s cloud services division and the largest cloud company globally, with a 29% market share.

AWS’s growth reaccelerated in the 2025 third quarter with a 20% increase, its highest in 11 quarters. The AI business resides in AWS, offering clients access to Amazon’s suite of AI services. Management aims to release more features faster than competitors to gain more business. Investors should watch AWS performance for insights on Amazon’s market position.

Read more at Nasdaq: The 1 thing You Need to Watch in Amazon’s Earnings