Key Facts on AI Investments by Major Tech Companies
Amazon (NASDAQ: AMZN) reported a 13% year-over-year increase in net sales for Q2, totaling $167.7 billion, with $30.9 billion from its cloud segment, Amazon Web Services (AWS), reflecting a 17.5% growth. AWS accounted for over half of Amazon’s $19.2 billion operating income, driven partly by AI advancements.
Meta Platforms (NASDAQ: META) saw a revenue increase of 22% year-over-year to $47.5 billion in Q2. The company reported a growth in engagement on platforms like Facebook and Instagram due to AI tools, with time spent rising by 5% and 6% respectively. It also achieved a 3% to 5% rise in ad conversion rates on these platforms.
