Amazon (AMZN) shares are in focus after Reuters reported Monday that the company’s cloud computing arm, Amazon Web Services (AWS), is in discussions with Italy to invest billions of euros to bolster its data center business in the country as it continues its cloud expansion through Europe.
According to people familiar with the matter, the discussions relating to the size and location of the investment remain ongoing, though one source said AWS has plans to expand its current operations or build new facilities in Milan.
AWS, whose Italian customers include luxury sports car manufacturer Ferrari (RACE) and European insurance giant Assicurazioni Generali, established its initial cloud region in Italy in 2020 as part of a broader plan to invest 2 billion euros ($2.17 billion) in the country by 2029. At the time, AWS said the investment will provide infrastructure for Italian companies to leverage advanced technologies such as analytics, artificial intelligence (AI), database, …