Amazon and Google Strike AI Deals. The Stocks Are Rising Above the Tech Turmoil.
Amazon Web Services landed a $4 billion commitment from Pinterest through 2031 to accelerate its AI roadmap and modernize Pinterest’s visual-search platform. Alphabet struck a partnership with IBM to build industry-specific AI agents on Google’s Gemini Enterprise. The announcements lifted Amazon and Alphabet shares (Amazon +1.5% early, Alphabet ~+2.5%) even as the Nasdaq Composite fell about 0.6%, pressured by weak chip guidance from Broadcom. The news underscores ongoing AI-driven demand for cloud and software services and has driven some sector rotation into software names such as ServiceNow and Adobe.