Amazon.com forecast third-quarter sales above market estimates on Thursday but failed to live up to lofty expectations for its Amazon Web Services cloud computing unit after rivals handily beat expectations.

Amazon.com ( AMZN-Q) shares dropped nearly 8 per cent before the bell on Friday, after growth in its cloud computing unit failed to impress investors, in contrast to the robust gains reported by AI-focused rivals Alphabet ( GOOGL-Q) and Microsoft ( MSFT-Q ).

Markets wobbled despite strong earnings from tech giants. Figma’s IPO soared, jobs data missed, and tariffs returned—boosting Fed rate cut odds to 67%.