Why Amazon Stock Climbed Today
Shares of Amazon.com (NASDAQ: AMZN) rose on Tuesday after the online retail and cloud computing giant unveiled its new satellite internet technology. As of 2:05 p.m. ET, Amazon's stock price was up 1.4% after rising nearly 3% earlier in the day.
Amazon is gearing up to challenge SpaceX's Starlink for satellite internet supremacy. The e-commerce titan plans to invest $10 billion to launch more than 3,000 satellites into low Earth orbit in the coming years. The satellite constellation will help to provide fast, affordable broadband to tens of millions of customers around the world, according to Amazon.
The project, known as Kuiper, took a major step forward on Tuesday when Amazon shared its satellite antenna designs with the public for the first time. Customers will be able to use the outdoor antennas to connect with Amazon's space-based broadband network.
Source Fool.com
