Amazon.com’s cloud computing division announced on Monday that it plans to invest $7.8 billion in Ohio by 2030. This investment aims to expand its data center operations, meeting the growing demand for cloud services from businesses and government entities.
Since 2015, Amazon has already invested $6.3 billion in the state, demonstrating its commitment to the region. The new investment is expected to generate hundreds of jobs and provide support to thousands of local businesses through various construction, operations, and maintenance activities at Amazon Web Services facilities.
The company’s expansion plans extend beyond Ohio. In January, Amazon revealed its intention to invest $35 billion by 2040 to expand data centers in Virginia, further strengthening its cloud infrastructure.
In addition, Amazon has its sights set on India, with plans to invest 1.06 trillion rupees ($12.7 billion) in the country over the course of this decade.
In other news, Deutsche Bank Aktiengesellschaft has reduced its target price for Amazon.com shares from $130.00 to $125.00 but maintained a “buy” rating for the company.
Conversely, Jefferies Financial Group and Bank of America have raised their price objectives for Amazon.com, increasing them from $135 to $150 and $139 to $154, respectively. Piper Jaffray Companies also adjusted their price objective from $130 to $150, labeling the AMZN stock as overweight.
According to data from Bloomberg, the consensus rating for Amazon.com stock remains at “Moderate Buy,” with research analysts predicting earnings per share (EPS) of 1.56 for the current year.
Shares of Amazon.com, Inc. (NASDAQ: AMZN) are trading higher by 0.55% at $128.03 in the pre-market trading session today.
Mary Lee is a freelance writer and journalist based in Toronto, Canada. She holds an M.S. degree in business and economic journalism from Columbia University’s Graduate School of Journalism in New York and a certificate in digital marketing from the University of Toronto.
