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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Jefferies analyst says Microsoft can take cloud market share away from AmazonBrent Thill believes that Microsoft has the upper hand in taking cloud market share, which should also help the firm's artificial intelligence story.
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Amazon: Cloud Takes Center Stage Ahead of Keenly-Anticipated Q3 EarningsStocks Analysis by Investing.com (David Wagner) covering: Amazon.com Inc, Amazon.Com, Amazon.com Inc BDR, BNP PARIBAS ARBITRAGE ISSUANCE BV Put 1784.62 USD AMAZON 31Dec99. Read Investing.com (David Wagner)'s latest article on Investing.com
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