AI, Amazon
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Amazon stock soars
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Amazon jumped almost 15% while Apple fell 9%. Here's what split the two tech giants and left the major indexes stuck in the middle.
Amazon reported a surge in revenue at its key cloud business while Apple issued disappointing guidance.
Aggressive AI spending plans by Amazon.com Inc., Microsoft Corp. and Alphabet Inc. provided fresh evidence that demand for chips and related equipment will remain strong, offering relief to a sector that’s been battered in recent days.
Amazon is pouring $200 billion into AI this year, but a new report reveals there have been instances of “catastrophically expensive” overspending on failed AI projects.
The proposed network will partly rely on assets from Globalstar, which Amazon announced plans to acquire in April for roughly $11.6 billion.
If you bought a heated blanket on Amazon in the last few years, you'll want to double check it's not a major fire risk before you plug it in again.
Amazon reported $200.6 billion in second-quarter revenue, up 20%, with AWS growing 37%, its fastest pace since the end of 2021.
AWS sales expanded 37% year over year, which trounced analysts' expectations for 31% growth.