Amazon stock hits record, lights up ETFs

Core Insights - Amazon shares reached a record high, increasing over 9% following strong quarterly results driven by its cloud business, AWS, which reported a sales increase to $30 billion [1][2] Group 1: AWS Performance - AWS experienced a year-over-year growth rate of 20.2%, marking its largest growth rate in 11 quarters, as stated by CEO Andy Jassy [2] - The backlog for AWS grew to $200 billion by the end of Q3, excluding several unannounced new deals in October, indicating strong demand and momentum [3] Group 2: Corporate Developments - CEO Andy Jassy, who took over in July 2021, is focusing on expanding Amazon's cloud computing capabilities while maintaining competitiveness in its retail business [4] - Amazon announced plans to cut 14,000 corporate jobs, reflecting a strategic shift within the company [5] Group 3: Market Position - Amazon's stock has increased approximately 11%, trailing behind the Nasdaq's 23% rise and the S&P 500's 16% rise, with the last time the stock traded near current levels being in February 2025 [7] - Over 600 exchange-traded funds (ETFs) list Amazon as their top holding, showcasing its significant presence in the market [8]