Amazon soars as cloud revenue surge allays fears over ballooning AI bets

Amazon shares surged 13 per cent premarket on Friday after the tech giant’s solid cloud sales growth reinforced investor confidence in its massive AI bets and quashed any concerns about the company trailing its Big Tech rivals in the AI race.

Amazon delivered strong profits and net sales during its fiscal second quarter, helped by surging growth in its prominent cloud computing unit

AWS revenue hit $42.2 billion as total company revenue crossed $200 billion for the first time in a single quarter

Capital expenditure across the group climbed to $53bn in the quarter ending in June

Amazon beats estimates for quarterly cloud revenue growth  Reuters

July 30 : Amazon.com topped market expectations for quarterly cloud revenue growth on Thursday on the back of surging enterprise AI spending, signaling the company's hefty investments were bearing fruit. Revenue at its cloud computing unit, Amazon Web Services, jumped 37 per cent to $42.2 billion in the second quarter

Xbox is having yet another tough quarter, as revenue from content and services like its Game Pass subscription dipped 10 percent over the past few months. At the same time, Xbox hardware sales declined 14 percent, according to Microsoft's fourth-quarter earnings report released on Wednesday. The news comes just weeks a