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Amazon rallies on cloud recovery as it chases Microsoft for AI business

27Oct

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Technology

Amazon rallies on cloud recovery as it chases Microsoft for AI business

[ad_1] Amazon.com rallied nearly 6% on Friday on signs that growth in its main profit driver, the cloud business, was picking up pace after two years of sluggishness due to lower client spending.The company was on track to add more than $70 billion to its market capitalization based on its premarket share price of $127. Smaller cloud rivals Microsoft and Alphabet also gained around 1% each. Amazon CEO Andy Jassy said on Thursday the cloud business was stabilizing as large expansions with existing customers and first-time agreements were likely to aid growth in the final three months of the year. He also touted the AI opportunity for Amazon Web Services (AWS), saying that he expected the technology to lead to "tens of billions of dollars in revenue over the next several years".Wall Stree...

Amazon Is Spending $100 Million to Teach Cloud Customers About AI

[ad_1] Amazon.com Inc.'s cloud unit is building a program to help customers develop and deploy new kinds of artificial intelligence products as the biggest seller of cloud services tries to match Microsoft and Google in the market for so-called generative AI.Amazon Web Services is investing $100 million to set up the AWS Generative AI Innovation Center, which will link customers with company experts in AI and machine learning. They'll help a range of clients in health care, financial services and manufacturing build customized applications using the new technology. Highspot Inc. and Twilio Inc., which sell sales and marketing software, will be early users of the innovation center, Amazon said. The goal is to help sell more cloud services, convincing clients to turn to AWS as they build ...

Amazon cranks up AI competition against Microsoft, Google with new cloud tools

[ad_1] Amazon.com Inc's cloud computing division on Thursday released a suite of technologies aimed at helping other companies develop their own chatbots and image-generation services backed by artificial intelligence.Microsoft Corp and Alphabet Inc are adding AI chatbots to consumer products like their search engines, but they are also eying another huge market: selling the underlying technology to other companies via their cloud operations. Amazon Web Services (AWS), the world's biggest cloud computing provider, on Thursday jumped into that race with a suite of its own proprietary AI technologies, but it is taking a different approach. AWS will offer a service called Bedrock that lets businesses customize what are called foundation models - the core AI technologies that do things like...