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Amazon Stock Upgraded to 'Buy' on Cloud Computing Surge

Guavy AI Editorial Team
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AMZN
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Amazon's stock has been upgraded to 'Buy' by an analyst after seeing significant growth in its cloud computing business. The company's Amazon Web Services (AWS) segment reported a 29% increase in revenue year-over-year, exceeding expectations.

The upgrade is attributed to AWS' strong performance, which has helped drive overall growth for the company. In Q2 2023, AWS generated $20.5 billion in revenue, accounting for about 14% of Amazon's total sales.

This is not the first time Amazon's cloud business has impressed investors. Last year, AWS reported a 40% increase in revenue, contributing significantly to Amazon's overall growth.

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