Amazon.com Inc. shares have largely climbed on the back of two trends: strength in its cloud business and a focus on costs. Now both could be in question.

The results echoed the slowdown at Microsoft and Alphabet-owned Google, and highlighted how U.S. cloud-computing giants were struggling to scale AI as infrastructure bottlenecks cap growth, forcing them to invest billions in data centers with little short-term payoff.

The pressure is on Amazon.com to deliver on lofty expectations for cloud computing in its fourth-quarter results on Thursday.

Amazon is under pressure to deliver strong cloud computing results due to disappointing performances from Microsoft and Google. AWS is expected to see its strongest revenue growth in eight quarters, aided by AI investments and integrating DeepSeek's AI models.