Amazon shares surge 13% as cloud growth eases AI spending fears

Amazon shares climbed as much as 13.5% on Friday after robust cloud business growth reassured investors about the company’s heavy AI spending, easing concerns that it was falling behind its Big Tech peers, Reuters reported.

The stock jumped $31.77 from its previous close of $235.50 to an intraday high of $272.04, marking one of its sharpest single-day gains.