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 pressure is on Amazon.com to deliver on lofty expectations for cloud computing in its fourth-quarter results on Thursday, after Microsoft and Google's lackluster reports jolted investor faith in Big Tech's billion-dollar investments in AI.

NEW YORK – Amazon.com Inc. warned investors that it could face capacity constraints in its cloud computing division despite plans to invest some US$100 billion this year, with most of the money going toward data centers, homegrown chips and other equipment to provide artificial intelligence services.

CEO Jassy said the supply of chips — from third parties and Amazon’s own chip design unit — and power capacity are limiting the ability of Amazon Web Services to bring new data centers online.

In a conference call, Amazon warned investors that it could face capacity constraints in its cloud computing division despite plans to invest some $100 billion this year, with most of the money going toward data centers,