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Amazon shares soar as AI boom fuels mega growth in AWS cloud unit
Finance
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Amazon shares soar as AI boom fuels mega growth in AWS cloud unit

ThePostMaster
By ThePostMaster

Reuters Videos

<span>STORY: Amazon shares soared in early trading Friday after it reported strong growth at its cloud unit.</span><span>That, and a bullish sales outlook, eased fears that the tech giant was falling behind rivals in the AI race. </span><span>Revenue at Amazon Web Services – the hub of the company’s recent AI investments – rose 20% in the third quarter. </span><span>Competing services Microsoft Azure saw revenue increase by 40% while Google Cloud’s rose by 34%. </span><span>But AWS’s sheer scale magnifies its growth impact.</span><span>Its $33 billion cloud revenue is more than double that of Google’s $15.16 billion.</span><span>:: Amazon</span><span>Wall Street cheered AWS’s comeback, with analysts noting the earnings marked a potential turning point for Amazon.</span><span>Investors expected an AWS boost later than this – in either Q4 or early next year. </span><span>Until Friday’s stock surge, Amazon shares had risen just 1.6% so far this year due to market share worries and a lack of solid AI updates.</span><span>It marked the company out as the worst performer in the “Magnificent Seven” group of tech giants.</span><span>Friday’s gains, however, are helping pull Amazon out of that position and overtake Tesla and Apple. </span>

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