Generac and Intel Soar as Tech Stocks Rebound Amid Amazon Partnership
A flurry of activity swept through major stocks as Generac Holdings' shares skyrocketed over 40% in after-hours trading. The surge was triggered by a massive partnership with Amazon, which will see the Wisconsin-based power generation manufacturer deliver backup power systems to support Amazon's expanding data center network.
The $2.4 billion contract has potential expansion value of up to $8 billion based on complete agreement terms. As part of the transaction structure, Amazon obtained warrants allowing it to purchase up to 1.69 million Generac shares.
Intel shares gained momentum amid emerging reports of a potential collaboration with South Korea's SK Hynix at Intel's Ohio manufacturing complex. The partnership could see SK Hynix lease portions of Intel's facility or establish a joint venture involving major cloud infrastructure providers.