Amazon jumps on cloud growth, set for biggest gain in 3 years

Amazon AMZN.O shares jump 12.2% to $250.04 premarket, on track for biggest single-day pct gain in three years

AMZN forecasts Q4 revenue above Wall Street expectations as demand for co's cloud services grew amid relentless AI spending

Cloud unit Amazon Web Services' Q3 revenue grew 20% vs analysts' expectation of 17.95%, according to LSEG

Peers Alphabet GOOGL.O and Microsoft MSFT.O also reported cloud revenue growth on Wednesday

At least 8 brokerages raise PT for AMZN

71 of 72 analysts rate AMZN "buy" or higher with one "hold"; median PT $270.50 - data compiled by LSEG

YTD, stock up 1.58% vs 22.49% gain for NASDAQ 100 Index .NDX