Amazon exceeds cloud sales forecasts

Amazon.com recorded an increase in cloud computing services sales during the second quarter of the year, with Amazon Web Services' revenue rising by 37% to reach $42.2 billion, surpassing analysts' expectations of a 31.21% increase. As a result of these results, the company's shares rose by over 9% after market close, easing concerns over its hefty investments in AI technology development. Data indicates that this is the fastest growth rate for the unit in 18 financial quarters.

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