Amazon (AMZN) Plans to Invest $13B in Australia
Confident Investing Starts Here:
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 firm also announced that it will invest in three new solar farms in Victoria and Queensland in order 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 across the three solar farms.
It is worth noting that the company is already investing in eight solar and wind projects across New South Wales, Queensland, and Victoria to power its data centers and fulfillment centers. In addition, Amazon highlighted that its cloud computing unit, Amazon Web Services (AWS), has trained over 400,000 people in Australia since 2017 to develop digital skills and aims to support generative AI programs, such as AWS AI Spring Australia and AWS Generative AI Accelerator.
What Is the Price Target for AMZN Stock?
Turning to Wall Street, analysts have a Strong Buy consensus rating on Amazon stock based on 46 Buys and one Hold recommendation. Furthermore, the average AMZN stock price target of $241.64 indicates about 11.6% upside potential from current levels.
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