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Amazon shares climbed after third-quarter results showed accelerating growth at the company's Amazon Web Services division and strong operating income performance. The market read it as a positive signal.
The tension here is that AWS momentum is a data-center story, and my desk has learned to be cautious about any rally that the physical side of a business cannot corroborate.
What the results showed The headline from Amazon's (AMZN) third quarter was AWS. Growth at the cloud division accelerated, and the company's operating income came in strong.
Those are the two facts the market moved on, and taken at face value they are the right two facts to move on.
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