Amazon Web Services, long the cloud-computing market leader, edged past Wall Street estimates for June-quarter revenue on Thursday with a 17.5 per cent increase, but it widely lagged the 39 per cent growth seen at Microsoft Azure and Google Cloud’s 32 per cent gain.

The tech giant expects total net sales to be between $174.0 billion and $179.5 billion in the third quarter, compared with analysts’ average estimate of $173.08 billion.

Markets wobbled despite strong earnings from tech giants. Figma’s IPO soared, jobs data missed, and tariffs returned—boosting Fed rate cut odds to 67%.