Amazon Harnesses Generative AI Services to Diversify $5.4 Billion Earnings from the Cloud
Riding the crest of a generative AI services surge, multinational retail giant and cloud computing giant Amazon embarks on ambitious task to expand $5.4 Billion operating income reported through its Amazon Web Services. Despite cutting back on expenditure and trading projects, the AWS income reported through the past three months is still 6% lower than the same period last year.
“Inside Amazon, every one of our teams is working on building generative AI applications that reinvent and enhance their customers’ experience,” explained Amazon’s CEO on the quarterly analysts and investors call, as reported on August 3. Growing interest in AI utilization has contributed to a surge in stock prices. Point being, Amazon’s net has increased a whopping 62%.
Further doubling down on the AI market, April saw Amazon opening up a its in-house platform which developers to speed up AI projects. Taking on any effective AI ventures, Amazon also has expressed its intention to manufacture its own individual AI chips as a contender against leading figures including Nvidia and Intel. “It’s important to remember that we’re in the very early days of the adoption and success of generative AI, and that consumer applications is only one layer of the opportunity,” adds Hope Jassey on the call.
