Thanks to strong demand for artificial intelligence, Amazon's cloud business outperformed expectations and its stock price rose

Chief Executive Officer Andy Jassy stated that the company is maintaining its target of $200 billion investment in artificial intelligence this year, which reassured investors. Previously, tech giants had been racing to raise their capital expenditure forecasts to hundreds of billions of dollars to expand the data center capacity needed for AI workloads. In volatile after-hours trading, the stock price rose nearly 4%. Data shows that Amazon Web Services' first-quarter revenue jumped 28% to $37.6 billion, surpassing analysts’ average forecast of a 25% increase. Overall net sales rose to $181.5 billion.