Reuters Amazon.com reported quarterly results above Wall Street39;s expectations on Tuesday, as interest in artificial intelligence helped drive cloudcomputing growth.

CEO Andy Jassy told analysts that for Amazon there is a big opportunity in front of us in servicing AI customers.

Shares of the Seattlebased ecommerce and tech company climbed less than 2 in extended trade after its currentquarter revenue forecast came in below expectations. The stock closed down 3.3 in the regular session.

Chief Financial Officer Brian Olsavsky told reporters on a call that capital spending would increase throughout the year, compared with 14 billion in the first quarter. That will be the low point for the year as far as capex by quarter, he said.

The majority of that will be to support AWS infrastructure and in particular generative AI efforts, he said later on a call with analysts. Amazon is investing upfront to build out its AI offerings to meet customer demand, particularly as customers seek out longerterm contracts, he said.

Amazon is racing to keep abreast of rivals in offering generative AI software. Competitors include Alphabet as well as Microsoftbacked OpenAI.

Firstquarter sales increased 13 to 143.3 billion, higher than the 142.5 billion average, according to LSEG data. Net income more than tripled to 10.4 billion in the first quarter.

The company expects revenue of 144.0 billion to 149.0 billion for the current quarter ending June, compared with analyst consensus…