Amazon’s cloud revenue rose at the fastest clip in nearly three years, helping the company forecast quarterly sales above estimates and driving its shares up 14% in after-market trading on Thursday.

The company projected increased capital spending next year.

The online retailer benefited as businesses continue to spend relentlessly on artificial intelligence software development. Massive cloud demand is helping the tech company ease the pressure from softer growth at its e-commerce business, which is gearing up for the critical holiday season amid weakness in consumer confidence stemming from global trade uncertainty.

Amazon’s rally in extended trading lifted the company’s market value by about $330 billion. A stock rally of the same size in Friday’s official trading session would make

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