With the artificial intelligence frenzy fast gaining ground, IBM (NYSE:IBM) announced that it’s expanding its collaboration with Amazon Web Services (AWS) to help its clients take advantage of and derive value from the technology. Notably, IBM said its consulting division is at the fore of the collaboration between the two companies. According to the announcement, AWS – a unit of tech giant Amazon (NASDAQ:AMZN) – will assist IBM in helping customers deploy and operate generative artificial intelligence on its cloud computing infrastructure.
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Per the announcement, the two companies will get things started with a Contact Center Modernization with Amazon Connect. IBM said it has worked with AWS to develop various summarization and categorization functions that will allow customer service-focused chatbots to quickly summarize the details of their interactions with customers, allowing for a seamless handoff of these calls to human agents. Furthermore, IBM said it will trust AWS to upgrade its AI expertise by having AWS train over 10,000 workers within its consulting division.
Is IBM Stock a Sell or Buy?
Turning to Wall Street, analysts have a Hold consensus rating on IBM stock based on one Buy, six Holds, and one Sell assigned in the past three months, as indicated by the graphic above. Furthermore, the average IBM price target of $139.71 per share implies 0.24% downside risk.
