Amazon shares rose nearly 3% in early trading Monday, recovering some ground after a post-earnings sell-off last week driven by concerns about the company's soaring spending on artificial intelligence. Amazon stock gained $7.09, or 2.95%, to $247.44 shortly after the market opened. Amazon reported third-quarter results last week that showed strong growth in its cloud computing business, but investors focused on the company's massive capital spending. Revenue rose 12% from a year earlier to $201.9 billion. Operating income reached $17.8 billion, with a record operating margin of 13.9%. Amazon Web Services grew 39% to about $46 billion, its fastest growth in years, and has a contracted backlog of nearly half a trillion dollars. But capital spending in the quarter reached about $77 billion, well above analysts' expectations. Amazon expects to spend about $220 billion this year, and CEO Andy Jassy said the company expects to "spend meaningfully more in 2027." Amazon's results contributed to a broad sell-off in technology stocks on Friday. Many analysts remain bullish; UBS raised its price target on Amazon to $352 from $348 after the report, citing the outlook for AWS. Amazon's stock has gained only about 4% this year, lagging the broader market. Monday's gain came as the broader market rebounded at the open.