Amazon Web Services, Pinterest sign USD4b cloud deal
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The news: Amazon Web Services and Pinterest have signed a USD4 billion ($5.6 billion) cloud-services deal, boosting both companies’ share prices.
The numbers: Shares in social media platform Pinterest were up 5%, while Amazon stocks went up 1.7% on the news.
The context: Pinterest has worked with AWS since 2010, but today’s deal is the largest ever between the tech companies.
The cloud partnership comes as Pinterest invests in AI tools, upgrading its Performance+ad suite in a move to further compete with TikTok, Meta, Instagram and Facebook.
Pinterest plans to use AWS Trainium for large language models and vision-language models to power personalised visual search on the platform and AI-assisted discovery.
