The deal between OpenAI (OPENAI) and Amazon (AMZN) should provide a “new positive vibe” for the e-commerce and cloud computing giant, Wedbush Securities said. Read for more.

The seven-year agreement is the companies’ first computing partnership and is part of Amazon’s efforts to grow its cloud business.

Amazon (AMZN) has signed a massive $38 billion, seven-year deal with OpenAI (PC:OPAIQ), the company behind ChatGPT. Under the agreement, Amazon Web Services (AWS) will provide the computing power needed to train and run OpenAI’s next-generation AI models.

Deal announced less than a week after the maker of ChatGPT ended its cloud-computing exclusivity partnership with Microsoft

Investing.com-- U.S. stock index futures were little changed on Monday evening after a mixed close on Wall Street, with gains in the S&P 500 and Nasdaq lifted by renewed enthusiasm around artificial intelligence and upbeat corporate news.

Most major stock indexes climbed on Monday following news that Amazon.com will supply cloud-computing services to OpenAI, and the dollar rose to a three-month high versus the euro due to waning expectations for hefty U.

Wall Street is looking to keep up a rally that raged throughout October, when investors piled into growth and AI-linked names, with Big Tech and the "Magnificent Seven" leading market moves. Optimism around easing US-China trade tensions also fueled gains.