Amazon shares rise 11% while Apple falls 8%

Amazon shares rose 11 percent as US trading opened Friday, after growth in its cloud, artificial intelligence and chips divisions followed the company's latest earnings.

Apple moved in the opposite direction, with its shares down eight percent after the company's forecast, despite results that topped estimates.

Amazon had earlier reported higher second-quarter revenue, with growth in cloud computing, artificial intelligence and chips. Amazon said revenue increased 20 percent from a year earlier to more than $200 billion, while Amazon Web Services revenue rose 37 percent to $42.2 billion.

Amazon also said two AI-related divisions, its AI cloud and chips businesses, grew by triple-digit percentages and each exceeded $25 billion in annual revenue run rates. Chief executive Andy Jassy told analysts that AWS was “booming” and said the cloud division could “very possibly be a trillion-dollar annual revenue business” over time.

US stocks opened higher near the end of a volatile week.