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Crypto assets and stocks are moving higher, buoyed by a massive new artificial intelligence (AI) investment from Amazon.
On Monday morning, the tech giant announced it planned to sink $50 billion into AI and supercomputing capabilities for Amazon Web Services (AWS) US government customers.
Amazon plans to break ground on new data centers next year, with the total investment slated to provide 1.3 gigawatts of AI and supercomputing capacity across AWS Top Secret, AWS Secret, and AWS GovCloud (US) Regions.
AWS CEO Matt Garman says the investment is designed to “transform how federal agencies leverage supercomputing.”
“We’re giving agencies expanded access to advanced AI capabilities that will enable them to accelerate critical missions from cybersecurity to drug discovery. This investment removes the technology barriers that have held government back and further positions America to lead in the AI era.”
The stock market jumped on Monday, with the S&P 500 gaining more than 1.5% and the Nasdaq Composite surging by more than 2.5%. Amazon’s stock jumped 1.91%, though it is still down 1.43% in the past five days.
Digital assets also rebounded, with the overall crypto market cap ticking up 2.1% in the past 24 hours, per data from CoinGecko. Bitcoin (BTC) is up 1.61% and Ethereum (ETH) jumped by nearly 5%.
