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Cloud run hits Amazon shares: Stock drops over 7% as AWS trails Microsoft and Google in AI-driven cloud growth; $170bn market cap erased
Amazon shares experienced a significant drop following the release of its Q2 earnings report, primarily due to the slower-than-expected growth of Amazon Web Services (AWS). While AWS revenue increased, it lagged behind the growth rates of competitors Microsoft Azure and Google Cloud, raising concerns about Amazon's position in the competitive AI-driven cloud market.
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