ai
Amazon’s cloud business is surging — and so is its capital spending
Key takeaways
- Amazon Web Services, buoyed by its role in fueling the AI boom, saw its net sales increase 28% year-over-year, climbing to $37.6 billion, the company said Wednesday.
- Jassy attributed AWS success to its role in providing compute to the AI industry.
- It s very unusual for business to grow this fast on a base this large.
Why this matters: a development in AI with implications for how people work, create, and decide.
Amazon was one of several tech giants that on Wednesday beat Wall Street s first-quarter earnings expectations, offering more financial evidence that the AI boom continues to reward companies that supply the picks and shovels.
Amazon s cloud business is the latest example. Amazon Web Services, buoyed by its role in fueling the AI boom, saw its net sales increase 28% year-over-year, climbing to $37.6 billion, the company said Wednesday. It was the fastest growth rate for AWS in 15 quarters, Amazon president and CEO Andy Jassy said during the company s earnings call.
Jassy attributed AWS success to its role in providing compute to the AI industry.
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