🔝 Amazon Accelerates in the AI Race, Takes Aim at Microsoft

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In a dynamic tech landscape, Amazon is making headlines as it vigorously pursues Microsoft in the race for AI supremacy. Here's the latest from Aditya Soni's report:

• 📅 On October 27, 2023, at 3:38 PM GMT+1, Amazon.com witnessed a remarkable 7% surge in its most profitable cloud business, as it strategically targets a more substantial share of the flourishing artificial intelligence market, rivalling Microsoft (MSFT.O).

• 📊 Market Insights: Amazon's e-commerce giant (AMZN.O) is set to boost its market capitalization by almost $90 billion, riding high on its last traded share price of $128. In contrast, Microsoft experienced a 1.5% rise, while Alphabet (GOOGL.O) saw a slight 1.3% dip.

• 💬 CEO's Vision: Amazon's CEO, Andy Jassy, expressed confidence in the cloud business, noting that it's stabilizing and expecting large expansions with existing clients and new agreements to fuel growth in the final quarter. He also emphasized the massive potential of AI for Amazon Web Services (AWS), anticipating "tens of billions of dollars in revenue over the next several years."

• 🌟 Wall Street's Reaction: Wall Street welcomed the positive commentary for Amazon's highly profitable business, with Bernstein analysts stating, "AWS growth sounds ready to re-accelerate even without AI." Around 26 brokerages raised their price targets on the stock, elevating the median view to $173.

Amazon is on a journey to assert itself in the AI race, and its recent surge reflects its determination to secure a prominent position in the AI and cloud market. Stay tuned for updates on this dynamic competition and witness the future of AI-powered business unfold before your eyes.

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