Amazon shares rose 5% in after-hours trading on Thursday after third-quarter earnings beat analyst expectations. AWS posted revenue slightly below estimates but grew 19%, trailing rivals Microsoft and Google Cloud. For AI investments, capital expenditures jumped over 80% to more than $22 billion. Amazon CEO Andy Jassy announced plans for $75 billion in capital expenditures for 2024, largely driven by investments in generative AI, with the potential for higher spending in 2025. He described the investment as a once-in-a-lifetime opportunity that shareholders will appreciate long-term.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Amazon shares rose 5% in after-hours trading on Thursday after third-quarter
00:06earnings beat analysts' expectations. AWS posted revenue slightly below
00:11estimates but grew 19%, trailing rivals Microsoft and Google Cloud.
00:15For AI investments, capital expenditures jumped over 80% to more than $22 billion.
00:21Amazon CEO Andy Jassy announced plans for $75 billion in capital expenditures for 2024,
00:27largely driven by investments in generative AI with potential for higher spending in 2025.
00:33He described the investment as a once-in-a-lifetime opportunity
00:36that shareholders will appreciate long-term.