The largest cloud company in the world will unveil the results of its Q3 2023 financial earnings tomorrow as Amazon Web Services strives to keep its cloud market leadership position and advance its artificial intelligence charge.

The cloud unit of Seattle-based Amazon is currently on an $85 billion run rate with a focus in 2023 on AI, specifically generative AI. AWS is the primary driver of Amazon’s bottom line with an operating margin of nearly 25 percent in the last 12 months.

Did total sales growth from AWS stabilize in third quarter 2023? What generative AI wins will AWS report tomorrow? Will Amazon executives like CEO Andy Jassy comment on his company reportedly spending $1 billion on Microsoft cloud products?

CRN breaks down the key areas that investors, channel partners and customers need to watch for.

[Related: AWS Marketplace Partner Report: Margins, ROI And Benefits]

AWS Q3 Earnings Estimate: $23.19 Billion

The Zacks consensus estimate for Q3 2023 is that AWS will report total sales of $23.19 billion for the quarter that ended on September 30. This would represent a roughly 13 percent revenue increase year over year.

“We note that the growing popularity and strong adoption of AWS have been aiding Amazon in generating high margins from the cloud business,” said analysts at Zacks Investment Research in a blog post. “The trend is expected to have continued in the yet-to-be-reported quarter.

AWS is the worldwide market share leader in cloud computing. As of Q2 2023, the company owned approximately 32 percent of the global cloud infrastructure services market, followed by Microsoft at 22 percent share, then Google Cloud at 11 percent share, according to market data from Synergy Research Group.

This year, AWS—as well as its two largest competitors Google and Microsoft—has turned its innovation and investment sights on generative AI. The company has launched a slew of new products and services around GenAI, while also forming new AI partnerships and channel programs to drive sales.

Amazon will report AWS’ financial earnings results of its third quarter 2023 on Thursday at 5:30 p.m. ET.

Here are the five most important areas to watch for during Amazon and AWS’ third quarter 2023 earnings results on Oct. 26 as well as the recent results of Microsoft and Google Cloud’s quarterly earnings.