🚀AWS Strong Growth

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Amazon's cloud division, Amazon Web Services (AWS), reported its strongest sales growth in a year, suggesting a resurgence in business technology spending, particularly in artificial intelligence. However, despite AWS's standout performance with $25 billion in sales—a 17% increase from the previous year—and a record operating margin of 37.6%, Amazon's overall revenue forecast for the next quarter remains below expectations. This forecast, ranging from $144 billion to $149 billion, did not meet the anticipated $150.2 billion, reflecting concerns about ongoing cautious consumer spending. While AWS showed robust growth, Amazon is looking to bolster its overall growth by expanding into other business sectors, such as advertising, which saw a 24% increase this quarter to $11.8 billion.

2. The Biden administration has decided to cancel approximately $6.1 billion in student loans for 317,000 former students of the Art Institute who attended between 2004 and 2017. This decision comes after the U.S. Department of Education discovered that the schools, operated by Education Management Corporation (EDMC), had provided misleading information about job prospects and potential earnings to their students. The loan cancellation will occur automatically for all those eligible, regardless of whether they have formally applied for relief or not. EDMC, which managed the schools during the specified period, sold the institutions in 2017, went bankrupt in 2018, and the campuses have since been closed. Notably, Goldman Sachs was a major shareholder in EDMC.

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4. Headlines

   1. Tesla has cut its entire 500-person supercharger team, this is apparently in response to EU and US regulators requiring Tesla to provide other brands access to the supercharger network reducing its strategic value to Tesla.

   2. Johnson & Johnson has reached a $6.5B settlement associated with its talc products.

   _{* This is sponsored content.}

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