Texas Capital Bank Snaps Up $10.9M in Amazon Shares Amid AI Growth Surge

Texas Capital Bank Wealth Management Services Inc has acquired a significant stake in Amazon.com (AMZN) shares, valuing approximately $10.9 million. The firm purchased 45,548 shares in the second quarter, representing 0.6% of its portfolio.

Amazon's AI infrastructure and cloud services have been highlighted as key drivers of growth for the e-commerce giant. A long-term agreement with Qualcomm could see Amazon purchase up to $60 billion worth of AI data-center chips and related products.

Institutional investors own 72.2% of Amazon.com's stock, and several analysts have raised their price targets following a major partnership between Amazon and Qualcomm.