Amazon Shares Surge 12% on AWS AI-Driven Cloud Revenue Rebound

Amazon's shares surged nearly 12% following a robust 20% revenue increase at Amazon Web Services (AWS) in Q3, signaling a potential rebound in the cloud sector despite AWS's growth being slower compared to Microsoft Azure and Google Cloud. AWS's $33 billion quarterly revenue remains significantly higher than Google's $15.16 billion, reaffirming its market dominance amid concerns of losing ground to competitors. Amazon also reported strong performances in retail and advertising, with retail revenue rising 11% and advertising sales jumping 24%, contributing to a broader positive outlook. Meanwhile, Atlassian reported a 21% revenue increase driven by AI-powered cloud tools, along with a $2.5 billion share buyback program, reflecting growing demand and a bullish market stance. Atlassian’s cloud revenue grew 26% year-over-year, comprising about 70% of total revenue, with AI adoption rapidly increasing, indicating a significant operational turnaround and strong investor confidence. Both companies exemplify the tech sector's broader trend of leveraging AI and cloud innovation to drive growth and investor enthusiasm.