Shares in Amazon soared about 11% to reach a new record high Friday after the firm reported its strongest cloud growth since 2022 – easing investor fears that industry giants have been overspending on AI. The tech-heavy Nasdaq had soared 1.2% Friday morning as of about 10:50 a.m. ET, while the S&P 500 and Dow Jones Industrial Averaged jumped 0.6% and 0.3%, respectively. On Thursday, investors sent shares in Meta and Microsoft sliding about 12% and 3%, respectively, after both companies