Amazon is proud of our partnership with customers, communities, and government leaders in Mississippi. Since 2010, we have invested $2.3 billion in the state, including five fulfillment and sortation centers, four delivery stations, five solar farms, a wind farm, and a Whole Foods Market location.
Today, we are excited to expand this commitment. Amazon Web Services (AWS) plans to invest $10 billion to build two data center complexes, marking the single largest capital investment in Mississippi’s history. In coordination with the Madison County Economic Development Authority (MCEDA), AWS will establish multiple data center complexes in two Madison County industrial parks, which is projected to create at least 1,000 new jobs in the Magnolia State.
“Since 2011, AWS has invested more than $108 billion in its infrastructure across the U.S. to support customers of all kinds, and across all industries, in their digital transformation,” said Roger Wehner, AWS director of economic development. “Building on this, we are excited to expand our operations into Mississippi through this planned $10 billion investment, which will tap into the burgeoning tech sector across the state to create new, well-paying jobs and boost the state’s Gross Domestic Product each year. We look forward to delivering new workforce development opportunities and educational programs that support the next generation of talent across the Magnolia State.”
We continuously invest in communities where Amazon and AWS operate by supporting local jobs, generating economic growth, providing skills training and education, and unlocking opportunities for local businesses and suppliers.
Student Wyatt Kaizer working on a fiber optic fusion splicer.
As part of today’s announcement, we are also making the following commitments to Mississippi communities:
Support for STEAM awareness and learning opportunities for K-12 school systems, including:
We Build it Better, a set of industry-designed curricular experiences and resources that engage middle school and older students in a work-like STEAM environment stocked with industry-grade tools
We Will Build it Better, a career awareness program for elementary classrooms to engage students in a work-like STEAM environment, complete with an array of industry-grade hand tools and technology
Support for Mississippi community colleges, technical schools, universities, and workforce development organizations to design, develop, and grow training programs and work-based learning opportunities that prepare job seekers for high-demand career pathways in the growing field of data center construction and operations, as well as the broadband expansion industry. This includes awareness programs such as:
Fiber Optic Fusion Splicing Workshops, two-day certificate courses implemented at local community colleges, technical schools, and universities that train individuals in new fusion splicing (the welding together of fiber optical cables) techniques and equipment, then connect these learners to fiber-broadband employers
Information Infrastructure Workshops for Educators, a one-day workshop to help education and workforce leaders better understand the physical layer of cloud computing and our information economy, and the many different careers that are available
Training and support for community colleges and universities to implement Fiber Optic Technician and Data Center Operations Programs, including faculty training from industry subject matter experts; facilities and equipment donations to empower hands-on learning; and curricular content to link programs of study to industry standards and best practices
Support for education institutions and independent learners with free, ready-to-learn cloud computing curriculum that works backwards from employer demand for specific skills and roles in cloud support, software development, and data integration, among other in-demand cloud computing skills. This builds on the AWS commitment to provide free cloud skills training to 29 million people globally.
Today’s announcement expands on Amazon’s existing footprint in the state. For example, Amazon is the largest corporate purchaser of renewable energy in Mississippi. We recently expanded our renewable energy footprint in Mississippi with the state’s first utility-scale wind farm, located in Tunica County. The Delta wind project will include 41 wind turbines powered by winds from the Mississippi Delta, and will be a dual-use operation, where the agricultural land will continue to be used for farming rice, soybeans, corn, and wheat under and around the turbines. According to developer and owner-operator AES, the project is expected to bring tens of millions of dollars in consistent tax revenue to the county and school district and is expected to create nearly 300 jobs during peak construction. Other investments in the area include:
$2.3 billion invested in Mississippi since 2010, including infrastructure and compensation to our employees
$2 billion added into state GDP based on Amazon investments
7,500 full- and part-time jobs created in Mississippi (as of January 2023)
9,000 indirect jobs supported on top of our direct hires in Mississippi (based on Input-Output methodology developed by the U.S. Bureau of Economic Analysis)
1,000+ independent sellers—most of which are small and medium-sized businesses—in Mississippi, selling in Amazon’s store
We appreciate Governor Tate Reeves’s leadership, as well as the support of state and local leaders, to make this commitment possible. We look forward to serving our customers and communities in Mississippi through this expanded investment.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
