Amazon stock hit an all-time high of $254 after announcing a $38 billion deal with OpenAI. Amazon Web Services will provide infrastructure for OpenAI’s AI workloads, with AWS revenue up 20% year over year. The deal signals Amazon’s competitiveness in AI infrastructure against Microsoft and Alphabet.

Wedbush analysts raised Amazon’s price target to $340, praising the OpenAI partnership for expanding AI services. AWS’s strong revenue growth in Q3 reflects increased capacity and demand. The firm sees Amazon’s valuation as attractive with room for further expansion.

Read more at Yahoo Finance: Analyst revamps Amazon stock target after hitting new record