Pinterest deepens Amazon partnership with $4 billion cloud deal

Pinterest said on Thursday it would pay Amazon Web Services $4 billion for cloud services through 2031, as the social ‌media company ⁠strengthens ⁠a long-term partnership with its largest-ever deal.

Shares of Pinterest were ​up nearly 5%, while those of Amazon rose 1.7%.

Amazon.com’s cloud computing unit will provide Pinterest its custom chip processors, including Graviton and Trainium, to help scale its AI initiatives.