Amazon's shares have risen nearly 3% to above $263 each following the announcement of Meta Platforms agreeing to use Amazon's Graviton chips to run the social media and AI company's computing needs. The deal, which will run for at least three years, makes Meta a top-five customer of Graviton, which is based on an architecture from Arm Holdings. This partnership highlights Amazon's growing position in supplying the infrastructure behind AI, as hyperscalers scramble for enough computing capacity for their ambitions. Amazon CEO Andy Jassy believes that Amazon's chips can help lower the costs of its AWS cloud customers. The partnership is a particular win for Amazon as it aims to capture more of the AI boom by selling the chips that power it.