Amazon's stock has surged by 30% this year, driven by remarkable earnings from its AI cloud sector and a strong performance in its North American retail business.
The company's North American retail revenue increased 8% to $95.5 billion, while its operating income in this segment soared 32% to $5.7 billion, showcasing significant growth.
Consumer spending has shown a notable rise due to slowing inflation, which is likely to boost discretionary spending as the holiday season approaches.
Amazon continues to dominate the US e-commerce market with a 38% share, far surpassing its nearest competitor, Walmart, which holds just below 7%.
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