What Happened?
Shares of cloud computing and online retail behemoth Amazon (NASDAQ:AMZN) jumped 3.5% in the afternoon session after Meta struck a multi-billion dollar deal with its Amazon Web Services (AWS) division and multiple analysts raised their price targets on the stock.
The agreement involved Meta using Amazon’s Graviton chips to power its next-generation artificial intelligence systems. This deal was reportedly worth billions of dollars and positioned Meta as one of the largest customers for Amazon’s custom processors, signaling strong demand for AWS’s AI infrastructure.
Adding to the positive sentiment, several investment firms expressed confidence ahead of the company’s first-quarter earnings report. Analysts at BMO, UBS, and Oppenheimer all increased their price targets for the stock. They cited an improving outlook for the AWS cloud computing segment, which they expected to see accelerating growth driven by high demand for AI.
The shares closed the day at…
