Amazon Reports Higher Spending to Fuel Cloud Unit Sales

Amazon.com Inc. is spending at a rapid rate to expand data center capacity to meet the intense demand for artificial intelligence computing power, fueling the fastest quarterly sales growth for its cloud unit in more than three years.

The company reported $151 billion in property and equipment expenses over the 12 months through March 31 — $57.9 billion more than in the same period a year earlier — as it sought to gain an increasing slice of business from leading AI startups Anthropic PBC and OpenAI.