Big Tech results reinforced concerns a boom in cloud services is easing, limiting a lucrative source of profit when a slowing economy has hit the companies' other businesses and prompting a bet on artificial intelligence as the next growth driver.
The poor results reflect a shift to post-pandemic frugality by corporate customers whose budgets have been squeezed in the past year by high inflation and rising interest rates. "The deceleration in AWS was even worse than expected and means Amazon can't rely on that business units' operating profits as much in coming quarters," said Andrew Lipsman, principal analyst at Insider Intelligence.
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