Amazon’s cloud computing platform AWS may be doing more than just AI, and that may spell trouble for Alphabet and Microsoft.
Shares of Amazon rose by nearly 3% in after hours, trading at $180 per share, after the e-commerce giant reported better-than-expected revenue for its first quarter. That increase was in part led by its AWS division and its advertising services, the company said in its earnings release. Shares of Amazon have risen 74% over the past year.
“The combination of companies renewing their infrastructure modernization efforts and the appeal of AWS’s AI capabilities is reaccelerating AWS’s growth rate (now at a $100 billion annual revenue run rate),” said Andy Jassy, Amazon’s CEO, in a statement.
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