A few weeks ago, Amazon Web Services had a massive outage, but now has struck a major deal with OpenAI. Here's what you need to know about the new partnership.

The AWS partnership is OpenAI's first major cloud computing deal since it struck a new agreement with Microsoft, which gave it more flexibility.

When it comes to artificial intelligence (AI), perhaps no one commands more attention than Sam Altman, the CEO of ChatGPT maker OpenAI. On Nov. 3, OpenAI announced a headline-grabbing $38 billion partnership with e-commerce and cloud titan Amazon ( AMZN 1.81%).

On Monday, Amazon’s announcement of a $38 billion agreement for Amazon Web Services to provide infrastructure for OpenAI’s artificial intelligence workloads sent Amazon stock up about 5% to a new all-time high.

CNBC's MacKenzie Sigalos reports on Amazon’s record-setting rally after signing a $38 billion cloud deal with OpenAI.

The S&P 500 and the Nasdaq advanced on Monday, with artificial intelligence-related deals driving much of the gains even as the Federal Reserve's near-term monetary policy grew increasingly foggy due to scarcity of official U.

Ahead of the opening bell, the Dow shed early losses and edged higher, with Nvidia and Cisco Systems CSCO doing most of the lifting. S&P 500 futures gained 0.3%. The Nasdaq 100 futures advanced 0.6% in premarket trading.