On Monday, Amazon’s announcement of a $38 billion agreement for Amazon Web Services to provide infrastructure for OpenAI’s artificial intelligence workloads sent Amazon stock up about 5% to a new all-time high.

Amazon inked a $38 billion cloud deal with OpenAI, which sent the stock to the top of the Dow Jones on Monday.

Shares of cloud computing and online retail behemoth Amazon (NASDAQ:AMZN) jumped 4.9% in the afternoon session after the company announced a landmark $38 billion, multi-year cloud services agreement with OpenAI,

Throughout recent earnings reports, "Magnificent Seven" stocks Amazon, Alphabet ( GOOG ), Microsoft ( MSFT ), and Meta ( META) have signaled that they expect nearly $405 billion in capital expenditures this year — much of which will go toward AI — according to Barron's.

Major U.S. equities indexes were mixed Monday afternoon, as tech stocks gained but most other sectors declined.