Amazon shares soared Tuesday to a record high $3,685.48. Microsoft said it understood the Pentagon’s rationale, adding: “We look forward to competing for and being awarded many other cloud projects by the DoD in the future.”Īmazon had blamed “outside influence” in the awarding of the contract to a rival based on then-President Donald Trump’s bias against Amazon founder Jeff Bezos, though the Pentagon’s inspector general said it didn’t find interference. “JEDI was the right approach at the time,” he said, but with changing circumstances “we’re in a different place,” The Wall Street Journal reported. “The evolving landscape is what has driven our thinking,” John Sherman, the Pentagon’s acting chief information officer said Tuesday. It was awarded to Microsoft in 2019 over the objections of Amazon, then the market leader in cloud services. The JEDI contract aimed to consolidate a patchwork of data systems, give real-time information, and help the Defense Department develop artificial-intelligence capabilities. It announced a new cloud project called Joint Warfighter Cloud Capability open to multiple bidders. The Department of Defense on Tuesday canceled the $10 billion Joint Enterprise Defense Infrastructure cloud-computing contract that had stalled after a lawsuit from Amazon and objections from Congress. *** Pentagon Cancels $10 Billion Cloud Contract With Microsoft Plus, why the CEO is not too worried about digital challengers like Robinhood and Venmo. *** Interest rates might rise sooner than you think, BofA’s Brian Moynihan tells Barron’s columnist Jack Hough. Now that Amazon shares appear to have broken out of their recent range, investors can expect shares to march past $4,000.īezos will get richer, but at least investors can too. All 55 analysts who cover Amazon stock rate shares a Buy, with an average price target of about $4,250, up another 16% from recent levels. The stagnation perplexed Wall Street, which loves Amazon stock. Gained roughly 25% during the same period. Shares were stuck at about $3,200 between early August 2020 and June 2021. Still, Bezos’s milestone is a sign that Amazon stock is ready to move again.
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