Amazon.com Up as it Swoops in the $24B India Farm-Data Trove

On Thursday, Amazon.com hiked as it swooped in the $24.00 billion India farm-data trove.

Accordingly, the e-commerce giant soared 0.36% or 12.45 points to $3,488.24 per share.

The hike followed the increase of 0.75% to $3,475.79 yesterday. 

Moreover, Amazon currently holds a market capitalization of $1.77 trillion and shares outstanding of $506.44 million.

India’s Prime Minister Narendra Modi enlisted Amazon.com together with Microsoft and Cisco to bolster the country’s agricultural output.

Furthermore, the government’s initiative intended to transform the outdated industry.

Consequently, India announced that the administration already signed a preliminary agreement with the tech giants.

Under the negotiation, the firms will offer tech solutions to the agricultural industry that the farmers could easily access.

Also, it will require local businesses to share their farm statistics, such as crop output, soil quality, and landholdings.

PM Modi expects that the drive could help farmers improve yields through enhanced crops and tools supported by the gathered data.

The Indian government mentioned that Jio Platforms Ltd. and ITC Ltd. already signed up for the program this week.

Additionally, experts mentioned that the country has a slew of food wastage due to a lack of updated technology and well-supported infrastructure.

The program’s success could result in better rural incomes, fewer imports and food wastages, and international competence.

Subsequently, Amazon.com could secure a firm flow of farm produce from the trove.

The drive could account for a grocery market with over $1.00 trillion Indian annual retail spendings.

Meanwhile, Microsoft Corporation plunged 0.13% or 0.40 points to $305.22 per share.

Likewise, Cisco Systems Inc. plummeted 0.40% or 0.23 points to $57.33 per share.

Nasdaq 100 Rose as Amazon.com Hiked

Furthermore, the Nasdaq 100 index rose as the tech giant Amazon.com hiked.

The Nasdaq 100 edged up 0.08% or 12.38 points to $15,515.91 per share. 

Then, the Dow Jones Industrial Average index tumbled 0.18% or 63.07 points to $34,751.32 per share.

Similarly, the S&P 500 shed 0.16% or 6.95 points to $4,473.75 per share.

Meanwhile, Apple Inc. declined 0.16% or 0.24 points to $148.79 per share. 

Also, Facebook lost 0.23% or 0.86 points to $373.06 per share.

Consequently, Alphabet A decreased 0.57% or 16.40 points to $2,872.20 per share.

Moreover, Netflix inched up 0.62% or 3.63 points to $586.50 per share.