What Happened in Markets Today
Amazon finally gets in on OpenAI action. Amazon’s shares jumped 4% after the tech giant landed a $38 billion deal with OpenAI. The deal calls for Amazon’s AWS cloud service to provide computing capacity to the ChatGPT parent for the next seven years. That will add to the strong growth momentum AWS showed in Amazon’s third-quarter results reported last week, which sent Amazon’s stock price up nearly 10% on Friday.
Nvidia juiced by Microsoft’s UAE deal. U.S. government approved Microsoft’s plan to ship Nvidia’s chips to the United Arab Emirates to build AI-focused data centers there. But, the Wall Street Journal also reported on Monday that administration officials torpedoed an effort by Nvidia CEO Jensen Huang to get Trump to lift restrictions on selling its most advanced Blackwell chips to China. Nvidia’s stock closed up 2% on Monday.
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