With a market capitalization of $1.95 trillion, Amazon.com, Inc. (AMZN), the e-commerce giant is riding on the solid momentum in its cloud computing arm, Amazon Web Services (AWS). In the battle for dominance in Artificial Intelligence (AI), the company’s cloud segment is competing with tech titans like Microsoft Corporation (MSFT) and Alphabet Inc. (GOOGL).
AWS, which rents cloud-based computing power and other services to businesses, is a crucial profit driver for AMZN. In 2023, AWS contributed two-thirds of the company's $37 billion in operating income while accounting for 16% of the company's total revenue.
