Amazon share price tumbles 7% after cloud computing growth disappoints investors

Amazon.com share price fell about 7% on Friday as the tech giant’s results fanned investor fears its cloud unit was falling behind Microsoft and Alphabet in the artificial intelligence race.

Amazon Web Services, long the cloud-computing market leader, edged past Wall Street estimates for June-quarter revenue on Thursday with a 17.5% increase, but it widely lagged the 39% growth seen at Microsoft Azure and Google Cloud’s 32% gain.