By Aditya Soni and Kanchana Chakravarty (Reuters) -Amazon.com shares fell about 7% on Friday as the tech giant's results fanned investor fears its cloud unit was falling behind Microsoft and Alphabet in the artificial intelligence race.

The tech giant expects total net sales to be between $174.0 billion and $179.5 billion in the third quarter, compared with analysts’ average estimate of $173.08 billion.

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%.