In what is a massive move for Amazon Web Services (AWS), the company announced a new AI alliance as Morgan Stanley has become one of many analysts projecting a price increase for AMZN stock. Indeed, the company has sought to increase its footprint in the growing AI sector.
On Monday, the company officially unveiled its Generative AI Partner Alliance. Indeed, its arrival will reportedly look to consult customers on the best ways to use generative AI systems and solutions. Called GenAIIC, the program was first introduced in June and has already worked with businesses like DoorDash, Nasdaq, and the PGA Tour.
Also Read: Amazon Stock up 7% as AI Growth Drives AMZN Surge
AWS Debuts AI Alliance as Amazon Stock Gets Price Target Increase
There are few stocks with the kind of potential that Amazon (AMZN) has. The company is in a rare position to benefit because of its position in various sectors that have seen tremendous growth. Not only has it been a fixture in the e-commerce space, but it has seen its AI and cloud-based computing businesses skyrocket.
That has only enhanced to the start of November. Amazon has announced a new AI alliance through AWS, while Morgan Stanley is among the research firms that have increased their price target for the company. The new alliance is set to address growing AI demands with top-tier consultation.
Also Read: Amazon (AMZN) Q3 Earnings: Rufus AI Launch Sparks After-Hours Stock Rise
“At the GenAIIC, our approach focuses on empowering customers to identify and refine AI use cases that deliver tangible business value,” the center’s head, Sri Elaprolu, said in the statement. “WE focus on developing end-to-end solutions and customizing foundation models when necessary to address specific needs,” while maintaining their focus on being secure and scalable.
These kinds of developments led Morgan Stanley to raise its AMZN price target from $210 to $230 in a Monday research note. They currently have an overweight rating on the stock and are in the majority in their price target increase. Scotiabank and Tesley Advisory Group also raised price targets to $246 and $235, respectively.
