The company was on track to add more than $70 billion to its market capitalization based on its premarket share price of $127. Smaller cloud rivals Microsoft and Alphabet also gained around 1 per cent each.
Wall Street cheered the positive commentary for the business that brings in almost all of Amazon's profit, but had slowed after the pandemic as customers cut costs. Amazon shares have rallied 40 per cent this year, but they have lost nearly 8 per cent in the past two days after Alphabet warned that cloud customers were curbing spending.
Amazon trades at 38.49 times its 12-month forward earnings estimates, compared with Microsoft's 27.85 and Alphabet's 18.66.
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