Seattle-based Amazon.com Inc. (Nasdaq: AMZN) has bought a 220-acre site in Laveen for a potential data center campus in Phoenix. Amazon acquired the site for $277 million in cash through its subsidiary Amazon Data Services, according to land records and Tempe-based real estate database Vizzda. It paid more than $1.2 million an acre in the deal.

Tech firms have signed a rash of agreements with nuclear companies as AI boosts U.S. power demand for the first time in decades.

Tech giants Amazon and Google are investing in the next generation of nuclear reactors. Both companies are seeking new sources of carbon-free electricity to meet increasing demand from data centers and artificial intelligence.