- Amazon.com rallied nearly 6% on Friday on signs that growth in its main profit driver, the cloud business, was picking up pace after two years of sluggishness due to lower client spending.
He also touted the AI opportunity for Amazon Web Services , saying that he expected the technology to lead to "tens of billions of dollars in revenue over the next several years". About 19 brokerages raised their price targets on the stock, pushing their median view to $173, according to LSEG data. The 12.3% growth in AWS was also slower than the 29% rise seen at Microsoft's Azure cloud business, which had topped market estimates. Google Cloud grew 22.5% in the period.
"Generative AI is a massive catalyst that could re-ignite growth within the franchise," said Global X analyst Tejas Dessai. Warren Buffett's company owns a piece of Chevron, which just struck a deal to acquire Hess, a key player in Guyana's oil boom.A famed trader known as '50 Cent' is making a big bet that the world's worst-performing currency is about to surge 'violently'
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