Amazon shares surged over 11% in early trading after strong growth at its cloud unit. Revenue at Amazon Web Services rose 20% in the third quarter, surpassing Google and Apple in year-to-date gains. Analysts see this as a potential turning point for the tech giant, with AWS growing at a pace not seen since 2022. In response to demand, Amazon plans to increase capital expenditures. The company’s retail and advertising businesses also showed strong performance, with retail growing 11% year over year. Amazon’s forward price-to-earnings ratio stands at 29.63.

Read more at Yahoo Finance: Amazon shares soar as AI boom fuels stellar growth in AWS cloud unit