OpenAI turns to Amazon in $38 billion cloud services deal
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Why Amazon (AMZN) Stock Is Up Today
Shares of cloud computing and online retail behemoth Amazon (NASDAQ:AMZN) jumped 4.9% in the afternoon session after the company announced a landmark $38 billion, multi-year cloud services agreement with OpenAI,
Throughout recent earnings reports, "Magnificent Seven" stocks Amazon, Alphabet ( GOOG ), Microsoft ( MSFT ), and Meta ( META) have signaled that they expect nearly $405 billion in capital expenditures this year — much of which will go toward AI — according to Barron's.
Amazon inked a $38 billion cloud deal with OpenAI, which sent the stock to the top of the Dow Jones on Monday.
Wedbush analysts Dan Ives and Scott Devitt raise the price target on Amazon stock from $330 to a Street high of $340
1don MSN
OpenAI's $38 billion Amazon AWS deal gives it access to 'hundreds of thousands' of Nvidia GPUs
The AWS partnership is OpenAI's first major cloud computing deal since it struck a new agreement with Microsoft, which gave it more flexibility.
Major U.S. equities indexes were mixed Monday afternoon, as tech stocks gained but most other sectors declined.
Amazon says the constraint right now is power, not chips; it’s giving plenty of the latter to OpenAI. Then, Amazon solves groceries by getting faster tat delivering everything else.
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