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Amazon Earnings: Stock Rises as Earnings Guidance Allays Fears

Jassy said he believes Amazon has greater demand for cloud services than it could meet even with a larger supply, as companies demand AI chips whose cost won't break the bank.

He also reinforced the case for Amazon's core retail business, as e-commerce has become an integral part of shopping among its competitors. He touted lower prices, possible agreements with suppliers and greater advantages in speed of service.

He said that Amazon accounted for around 1% of the total retail market worldwide and that physical stores still accounted for 80 to 85% of that market.

“If you think the equation is going to flip in the next 10 to 20 years, which we do, there's just a lot of opportunity, not just for us but for multiple players,” he said. “There won’t be just one successful player.”

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