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As It Pursues Microsoft For AI Business, Amazon Rallies Around The Cloud Reco... - Science/Technology - Nairaland

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As It Pursues Microsoft For AI Business, Amazon Rallies Around The Cloud Reco... by Benbay2233: 2:10pm On Oct 27, 2023
On Friday, Amazon.com experienced a nearly 6% surge, indicating that growth in its primary profit-generating sector, the cloud business, was gaining momentum after two years of sluggishness due to reduced client spending.


The company was poised to increase its market capitalization by more than $70 billion based on its premarket stock price of $127. Smaller competitors in the cloud industry, such as Microsoft and Alphabet, also saw gains of approximately 1% each.

Amazon CEO Andy Jassy expressed that the cloud business was stabilizing, with substantial expansions involving existing clients and new agreements expected to contribute to growth in the final quarter of the year.

He also highlighted the AI potential for...

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