Amazon shares plunged 8% today after disappointing earnings and concerns about its artificial intelligence strategy. Investors are questioning if the tech giant is falling behind rivals Microsoft and Google in the rapidly evolving AI race.
Cloud computing growth, a key revenue driver, also underwhelmed, further spooking investors and contributing to the stock's decline. AWS, Amazon's cloud division, faces increasing competition.
Microsoft and Google are aggressively investing in AI, integrating it deeply into their products and services. This shift has left some wondering if Amazon can catch up. The company's profit outlook also added to the negative sentiment.
