It’s got something to do with the cloud.
Shares of these three tech giants were all booming after they reported earnings on Thursday that impressed investors.
Amazon’s shares were up nearly 13% Friday to $1,100.95 while Microsoft’s shares jumped 6% to $83.81. Intel’s shares rose 7% to $44.40.
Although these companies all have different business models, they share a common link—cloud computing, in which companies buy computing resources on-demand.
Amazon’s (AMZN, +13.39%) retail business is still the company’s primary cash cow, but its thriving Amazon Web Services unit is still growing at a rapid pace. AWS sales grew 41.9% to $4.58 billion, which was higher than analyst projections of $4.52 billion.
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Meanwhile, Microsoft (MSFT, +6.51%) claimed big gains in its cloud business, with CEO Satya Nadella boasting to analysts that the company has an annualized revenue run rate of $20.4 billion that is extrapolated from one recent month’s sales multiplied by 12.
Intel (INTC, +7.38%) also bragged that cloud computing helped sales in its latest quarter. While Intel does not sell on-demand computing services, it sells computer chips to cloud computing companies like Microsoft…