MGM Stock – Amazon Developing AWS Infrastructure in the UAE
Amazon (AMZN) is expanding its cloud infrastructure footprint into the United Arab Emirates (UAE). The tech giant has confirmed plans to open a new Amazon Web Services (AWS) infrastructure region in the UAE, starting in the first half of 2022.
AWS Regions are comprised of Availability Zones, which place infrastructure in discrete geographic locations with sufficient distance to reduce the risk of a single event impacting the continuity of customers’ businesses.
The 3 new AWS Availability Zones in the UAE are expected to give customers more choice and flexibility when using cloud technologies. The new data centers will add to its 80 Availability Zones across 25 geographic regions. Amazon has already confirmed plans to launch 18 more Availability Zones and six more AWS regions. (See Amazon stock analysis on TipRanks)
“The new AWS Region supports the UAE’s focus on promoting technology innovation that has made it a thriving global hub for entrepreneurs, e-governments, and multi-national businesses. With the new region, organizations of all sizes will be able to innovate faster and serve end-users with even lower latency across the region,” said Peter DeSantis, SVP, AWS Global Infrastructure.
In other news, Reuters reports that the Washington, D.C. Attorney General (AG) has sued Amazon over claims of an antitrust violation. According to the AG, the company breached the law by requiring third-party sellers not to offer better deals elsewhere on the products listed in its store. The latest legal tussle in Washington adds to a wave of an antitrust lawsuits that allege Amazon’s continued abuse of monopoly power.
Post stated, “The $9bn potential acquisition of MGM would be Amazon’s largest investment in content thus far (and likely a higher price than others suitors would pay), but could be financially attractive if incorporating MGM content can drive more Prime memberships, justify a $5 per year Prime Subscriber fee increase in Western markets, or help ensure Prime remains a top-5 streaming platform in a consolidating industry.”
The analyst has a $4,360 price target on the stock, implying 34.36% upside potential to current levels.
Consensus among analysts on Wall Street is a Strong Buy based on 31 Buy ratings. The average analyst price target of $4,298.55 implies 31.90% upside potential to current levels.
AMZN scores a “Perfect 10” on TipRanks’ Smart Score rating system, suggesting it is likely to outperform market expectations.
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