AWS is a cloud computing platform that offers computing resources and services including EC2 virtual machines, S3 storage, Lambda serverless computing, and more. It allows users to rent access to these resources much more cheaply than maintaining their own infrastructure. EC2 offers virtual machines called instances that come in different types and can be configured with storage, security groups, and SSH keys for access. Lambda allows running code without provisioning or managing servers. Other services include S3 for file storage, DynamoDB for NoSQL databases, and Route 53 for DNS. AWS uses a pay-as-you-go model and aims to be the most flexible, mature, and widely used cloud platform.