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

Amazon.com saw a 7% increase in its stock price on Friday, driven by growth in its cloud business and its focus on the artificial intelligence market. The company’s CEO, Andy Jassy, expressed optimism about the cloud business and the potential for AI to generate significant revenue. This positive outlook led to an increase in price targets from 26 brokerages. However, Amazon is still considered a laggard in the AI race compared to Microsoft. Despite recent gains, Amazon shares have dropped nearly 8% in the past two days due to concerns about customer spending in the cloud market.