What's Going On With Amazon Stock?

Amazon.com, Inc. AMZN shares are volatile Monday. The stock was rising in early trading before pulling back and turning negative. Here's a look at what's going on.

What To Know: On Monday, Amazon announced that it plans to invest an estimated $7.8 billion by 2030 to expand the company's data center operations in Ohio. Amazon has invested $6.3 billion in Ohio since 2015 and estimates that it has created an average of more than 3,500 full-time equivalent jobs annually.

Amazon shares appeared to get a boost from positive analyst coverage Monday morning before reversing course. Roth MKM analyst Rohit Kulkarni maintained Amazon with a Buy rating and raised the price target from $130 to $155.

The price target increase comes after Amazon shares surged to new multimonth highs at the end of last week on the heels of an announcement that the company was rolling out a new program to help customers build and deploy generative AI solutions. 

Amazon said it will invest $100 million into its new AWS Generative AI Innovation Center, which will connect customers with AI and machine learning experts at AWS to help customers turn their AI ideas into reality faster and more effectively.

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AMZN Price Action: According to Benzinga Pro, Amazon shares were trading 1.24% lower at $127.76 at the time of publication. 

Image: Courtesy of Amazon.com