Amazon Shares Jump 15% on Strong AWS Growth

Amazon.com saw its shares rise 15% following a second-quarter earnings report highlighted by the performance of its cloud computing division, Amazon Web Services (AWS). The AWS unit reported a 37% year-over-year increase in sales and a 64% surge in operating income, which accounted for 60% of the company's total profit despite representing only 21% of total sales.

To support the rising demand for artificial intelligence computing resources, the company is investing $220 billion in data center capital expenditures this year. Chief Executive Officer Andy Jassy expressed a bullish outlook for the cloud business, stating his belief that AWS could eventually generate $1 trillion in revenue.