Amazon is slowing down its cloud computing growth

Amazon reported a slowdown in earnings growth for its cloud computing division, but the company's quarterly sales and earnings beat expectations. Shares initially gained on confidence in consumer demand and a strong position in the cloud market, but then tumbled after the CFO said customers would continue to cancel accounts in the second quarter. Amazon is cutting costs across divisions to cope with a volatile economy and is betting on the development of generative AI technologies to find new sources of income. Competition from Microsoft and Google in the cloud services market is getting stronger.