Amazon climbs on AWS cloud boom and AI momentum

Amazon stock rose about 15% after a strong Q2 as AWS revenue reached $42.2 billion, up 36.7% year over year, driven by cloud and AI services. The company also noted AI and custom-chip businesses surpassing $25 billion in annualized revenue, and it raised its AI infrastructure capex to about $220 billion, with AWS at roughly a $170 billion annual revenue run rate, prompting CFRA to call the quarter a “home run.”