Amazon rallies on cloud recovery as it chases Microsoft for AI business

-Amazon.com rallied 5% on Friday on strong growth at its most profitable cloud business as it aims for a larger share of the booming artificial intelligence market in a race with Microsoft CEO Andy Jassy said on Thursday the cloud business was stabilizing as large expansions with existing customers and first-time agreements were likely to aid growth in the final three months of the year.

"Tech investors can breathe a sigh of relief, Bernstein analysts said in a client note, adding that"AWS growth sounds ready to re-accelerate even without AI." In the July-September period, Amazon posted its first quarter-on-quarter increase in cloud growth in nearly two years. 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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