Jassy leaned into AWS, the company's profitable cloud-computing business. By Nate Wolf

Andy Jassy's rocky start as Amazon.com's CEO feels like a distant memory today.

Amazon stock fell some 50% in the 18 months after Jassy took over in July 2021. In 2022, the company posted its first net loss in eight years. But owing to shrewd investments in artificial intelligence and cloud computing, shares have almost tripled since.

Jassy, 58, has leaned into Amazon Web Services, the cloud-computing unit he led until succeeding Jeff Bezos as CEO. AWS is projected to have $168 billion in revenue in 2026, up 30% from last year. It is also the company's most profitable segment: AWS accounts for most of Amazon's operating income although it contributes about a fifth of revenue.

Jassy was quick to embrace AI. In December 2021, a year before OpenAI's launch of ChatGPT, AWS announced a deal to become Meta Platforms' long-term cloud provider for AI research. Amazon followed that with hefty investments in data centers and custom chips, recording $215 billion in capital expenditures in the past two years. Meanwhile, net income has exploded to record levels.

"We continue to be confident in the long-term capex investments we're making," Jassy told investors on Amazon's April earnings call. Investors seem confident, too.

Write to Nate Wolf at nate.wolf@barrons.com

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June 19, 2026 21:31 ET (01:31 GMT)

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