Amazon invests $20B in AI infrastructure
Amazon announced that it will spend $20 billion this year to expand its artificial intelligence infrastructure, due to rising memory chip prices and increased demand for computing power. CEO Andy Jassy confirmed that the company has raised its capital expenditure projections to $220 billion from $200 billion, expecting the supply-demand imbalance to persist until 2027. Amazon achieved strong profits and revenues in the second quarter, especially in its cloud computing unit, Amazon Web Services, which grew by 37%, leading to a more than 7% increase in the company's stock during after-hours trading.
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