Amazon (AMZN) Bolsters AI Game with $13B Investment in Australia
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The news follows Amazon's recent announcement of $20 billion investment to build two data centers in Pennsylvania.
Amazon Commits Massive AI Investment in Australia
Amazon's $13 billion investment will be mainly directed towards enhancing Australia's cloud computing and AI capabilities. The company intends to expand, operate, and maintain its data center infrastructure in the country and accelerate AI adoption.
The company also announced investment in three new solar farms in Victoria and Queensland to support its AI infrastructure expansion in Australia. Specifically, European Energy will deliver and operate the new projects, with Amazon agreeing to buy a combined capacity of more than 170 megawatts (MW) across the three solar farms. The company already invests in eight solar and wind projects across New South Wales, Queensland, and Victoria to power its data centers and fulfilment centers.
Amazon highlighted that Amazon Web Services (AWS), its cloud computing unit, has trained over 400,000 people in Australia since 2017 to develop digital skills. It aims to support generative AI programs like AWS AI Spring Australia and AWS Generative AI Accelerator.
What Is the Price Target for AMZN Stock?
Given its dominance in e-commerce and AI-led demand in AWS unit, Wall Street has a Strong Buy consensus rating on Amazon stock based on 46 Buys and one Hold recommendation. The average AMZN stock price target of $241.64 indicates about 14% upside potential from current levels. AMZN stock has risen more than 15% over the past year.
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