Cloud is becoming the first mature business model of the AI cycle. AWS grew 37%, its fastest rate in 18 quarters, while Azure grew 43%. Amazon’s AI business has crossed a $25B annual run rate and Microsoft Cloud generated $59.3B during the quarter. Many companies want access to leading models and large amounts of compute without waiting years to assemble the physical stack themselves. Cloud gives them a way to buy that capability now. Microsoft said the extra Azure capacity brought online during the quarter was quickly monetized. $AMZN $MSFT
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