Big win on day 1 for Andy Jassy, Amazon stock surges to record high on possibility of $10 billion deal

It was a great day 1 for new Amazon Andy Jassy as Amazon stock saw the biggest spike since the day after the U.S. presidential election, reaching first record closing price in more than 10 months. The US pentagon cancelled the  $10 billion JEDI cloud contract that tech giants Amazon and Microsoft were fighting over.

Pentagon will now launch a new multi-vendor cloud computing contract which opens the possibility of bagging $10 billion worth of projects from the Department of Defense by Amazon. Microsofit had won the contract in 2019 over AWS but the contract award was clouded by a lawsuit filed by AWS in the U.S. Court of Federal Claims protesting the JEDI decision.

The JEDI contract was intended to modernize the Pentagon’s IT operations for services rendered over as many as 10 years.