E-commerce firm Amazon is set to report earnings after the bell on Tuesday in what will be a closely watched quarter for tech companies' progress in the AI sector. Analysts on Wall Street expect revenue of $142.6bn (£113.8bn) versus the $127.4bn in the same quarter last year. Adjusted earnings per share are predicted at $0.82, more than double the $0.31 in Q1 2023. Meanwhile, online stores, Amazon Web Services and advertising are all expected to have grown. The company has said it sees the potential for AI initiatives to generate tens of billions of dollars for its cloud business. CEO Andy Jassy said in an annual letter to shareholders earlier this month: "Generative AI may be the largest technology transformation since the cloud (which itself, is still in the early stages), and perhaps since the Internet." Read more: HSBC beats estimates and announces buyback as CEO retires unexpectedly Like its competitors Microsoft (MSFT) and Alphabet (GOOG), Amazon is wielding its heft in its cloud computing business to gain an edge in the nascent AI market. AI tools require huge amounts of data and processing power to train and run large language models and their applications, relying on cloud providers to...