Amazon will get a payday worth $4 billion as Pinterest will pay that amount for its cloud services through 2031, CNBC reported.
Shares for both companies rose after the news, with Pinterest up 5% and Amazon up 1.7%.
Pinterest will receive custom chip processors from Amazon’s cloud computing division to help with its AI initiatives.
“This expanded commitment with Amazon Web Services gives us the compute flexibility, hardware optionality and infrastructure efficiency to accelerate our AI vision,” Pinterest’s Chief Technology Officer Matt Madrigal said in a statement.
