Amazon.coM (AMZN)’s Deepens AI Presence With New Partnership

Amazon.com, Inc. (NASDAQ:AMZN) is one of the AI Stocks That Will Skyrocket.

Retail and cloud computing giant Amazon.com, Inc. made a major announcement on February 27th when it announced a strategic partnership with OpenAI. Through the partnership, the pair will create a runtime environment using OpenAI technologies to allow users of Amazon.com, Inc.’s Amazon Web Services (AWS) Bedrock platform to build generative artificial intelligence applications. Additionally, OpenAI will also use Amazon.com, Inc.’s Trainium AI chips for its workloads, while the latter will invest $50 million in the AI company.

A day later, financial firm TD Cowen discussed Amazon.com, Inc.’s shares. It reiterated a Buy rating and a $300 share price target and commented that the deal was a positive development for Amazon. Banking giant Wells Fargo lowered Amazon.com, Inc.’s share price target on February 23rd. It trimmed the target to $304 from $305 and kept an Overweight rating. According to the bank, compute capacity remains a key metric to watch in the AI industry.

Amazon.coM (AMZN)'s Deepens AI Presence With New Partnership

Amazon.com, Inc. is one of the largest technology companies in the world. It has a commanding presence in the eCommerce and cloud computing industries.

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