Amazon is pouring billions into AI infrastructure. Its cloud boss says the company feels "quite good" about its strategy.

Retail job losses are surging, with Amazon and Target cutting nearly 32,000 corporate jobs combined, signaling a major industry restructuring.

Amazon’s biggest AI data center is now operational in Indiana, with half a million AWS Trainium2 chips entirely devoted to powering OpenAI rival Anthropic. Just over a year ago, it was nothing but cornfields.

Amazon announced a reorganization that will result in the elimination of 14,000 jobs — and said AI is a leading cause.

Amazon.com said on Wednesday it has launched its compute cluster project called Rainier, and added that artificial intelligence firm Anthropic will use more than a million chips of the infrastructure by the end of the year.

Amazon's AI systems and advanced technology will create a "safe, more productive" environment for employees as the e-commerce giant plans to avoid hiring 600,000 workers by 2033.

In the past year, Nvidia stock has advanced 45%, bringing its market value to $5 trillion. More impressive, Palantir Technologies stock has advanced 335%, bringing its market value to $465 billion. That means the companies, in aggregate, are worth about $5.4 trillion.

Amazon will report earnings after the closing bell on Thursday. Analysts want updates on AI progress, AWS, and retail margins.