From the question of where Amazon is in the AI race to forecasts for the next quarter, here are four key takeaways from the Q2 earnings call.

Google parent Alphabet offered up its own strong results, noting cloud revenue climbed 32% and backlog, or purchase commitments from customers not yet realized, rose 38%. Search also performed better than expected during the quarter, with sales increasing 12% year over year.

Revenue expansion in Amazon Web Services underwhelmed investors, who probed Amazon CEO Andy Jassy on why its cloud rivals are growing at faster rates.