Amazon To Boost AI & Tech Spending By $20 Billion

NEW YORK (AP) — Amazon said it will be increasing this year’s capital spending on technology, mostly artificial intelligence, by an additional 10% after the tech and e-commerce giant delivered strong profits and net sales during for fiscal second quarter, helped by surging growth in its prominent cloud computing unit. The e-commerce and technology company said Thursday that sales in its cloud computing unit called AWS were up 37% during the April-June period, faster than the 28% clip in the previous quarter and marking the fastest growth rate in 18 quarters. Amazon reported net income of $62.65 billion or $5.75 per share, in the three-month period ended June 30.