Why Amazon Stock Shot Nearly 2% Higher Today
Amazon (NASDAQ: AMZN) stock was an outperformer on Thursday, rising almost 2% higher against the S&P 500 index's 0.6% gain. This was due in no small part to a dispute between a pair of big rivals concerning a business the company is deeply committed to.
Although Amazon is known chiefly as a direct-to-your-door retailer, the real powerhouse of its business is its cloud computing service. With that in mind, investors were cheered that the company isn't mixing it up in a fight that seems to be brewing between Alphabet and Microsoft. The two tech giants are also powerful and assertive cloud service providers in their own right.
In an exclusive report published very early Thursday morning, Reuters quoted Alphabet's Google Cloud unit vice president Amit Zavery accusing Microsoft of unfair practices in the business.
Source Fool.com
