AWS has not been able to match the growth of Amazon’s competitors, with Microsoft Corp.’s Azure and Alphabet Inc.’s Google Cloud seeing cloud-related revenue rise by 31% and 30%, respectively. Even so, AWS remains much bigger than any other cloud infrastructure provider, and it’s notable that those peers also missed expectations this week.

Amazon.com topped Wall Street estimates for quarterly revenue on Thursday, as strong sales over the holiday shopping season boosted its retail business, helping offset weakness in the cloud computing unit.

Amazon is the latest tech giant to announce a massive AI spending plan, with well over $100 billion in predicted capital expenditures for 2025. The “vast majority” of that $100 billion will go toward AI capabilities for its cloud division AWS,