Amazon reported higher than expected revenues fueled by AWS’s cloud business, but the company is burning cash on AI infrastructure as quickly as it makes it. 

AWS cloud infrastructure now makes up 21% of its business as enterprises rush to get their data into the cloud to unlock the latest AI advancements.

The cloud unit brought in $37.59 billion during the quarter, up 28% year over year – the fastest growth rate in 15 quarters. 

Brian Olsavsky, Amazon’s Chief Financial Officer, told investors AI acceleration and cloud spend go hand in hand. “Customers seeking the full benefit of AI are accelerating their transition to the cloud.”

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