Shares in Amazon soared about 11% to reach a new record high Friday after the firm reported its strongest cloud growth since 2022 – easing investor fears that industry giants have been overspending on AI.

The tech-heavy Nasdaq had soared 1.2% Friday morning as of about 10:50 a.m. ET, while the S&P 500 and Dow Jones Industrial Averaged jumped 0.6% and 0.3%, respectively.

On Thursday, investors sent shares in Meta and Microsoft sliding about 12% and 3%, respectively, after both companies announced plans to hike capital expenditures on AI.

Major stock indexes are still set to the end the week higher.

The Dow and Nasdaq are on track for their longest streaks of monthly gains since January 2018.

Amazon on Thursday revealed it had notched its fastest cloud-computing growth since 2022 and

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