For investors concerned that America’s tech giants are making recklessly large bets on generative artificial intelligence (AI), big tech’s latest quarterly results have offered some reassurance. The growth in demand from companies for the cloud services of Amazon, Microsoft and Google was red hot. Andy Jassy, boss of Amazon, said that AI revenue for Amazon Web Services (AWS) was growing at triple-digit rates—three times faster than AWS itself grew in the early years after it pioneered cloud computing in 2006.
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