Amazon dials up AI race with $4B investment

September 29, 2023

Amazon may have been sued this week by the Federal Trade Commission and 17 states for allegedly inflating prices, but the tech-giant stayed the course in its AI push by investing up to $4 billion in San Francisco-based start-up Anthropic.

Founded by former OpenAI executives Dario and Daniela Amodei, the deal further enhances the online retailer’s presence in generative artificial intelligence and its dominance in the cloud industry.

It’s a strategic move for Amazon CEO Andy Jassy, who is trying to fend off smaller rivals targeting his cloud service, AWS.

Microsoft is pouring billions into ChatGPT while Google has made search its number-one priority.

“Our continued leadership in AI and our excellence in engineering and innovation are driving the next evolution of search and improving all our services,” Google CEO Sundar Pichai said during the company’s most recent earnings call.

UPS USING AI TO PREVENT ‘PORCH PIRATES’ FROM STEALING PACKAGES

Anthropic’s top product named Claude excels at an array of tasks, including sophisticated dialogue, creative content generation, complex reasoning and detailed instruction.

AI TO TRANSFORM BUSINESS WORKFLOWS AND PRODUCTIVITY, GOLDMAN SACHS CIO SAYS

Meanwhile, the technology can process information from industries like manufacturing and aerospace, agriculture and consumer goods. Claude can also manage technical, domain-specific documents for the finance, legal and health care industries, the company said. Companies like LexisNexis Legal & Professional, Lonely Planet and Bridgewater Associates are already working with the AI software provider’s Claude 2 model.

Amazon shares have advanced 50% so far this year, besting the Nasdaq Composite’s 12% rise.

BIDEN ADMIN WARNS LENDERS THERE IS ‘NO SPECIAL EXEMPTION’ FOR AI WHEN DENYING CREDIT

GET FOX BUSINESS ON THE GO BY CLICKING HERE

LupaGroupHeadquarters
Through our philanthropic activities, LupaGroup seeks to positively impact our community, employees and clients.

File Number: 0450069068

OUR LOCATIONSWhere to find us?
https://lupagroup.com/wp-content/uploads/2019/04/img-footer-map-2.png
44 Whippany Rd
Morristown
New Jersey
LupaGroupHeadquarters
Through our philanthropic activities, LupaGroup seeks to positively impact our community, employees and clients.
OUR LOCATIONSWhere to find us?
https://lupagroup.com/wp-content/uploads/2019/04/img-footer-map-2.png
44 Whippany Rd
Morristown
New Jersey

File Number: 0450069068

Copyright by LupaGroup. All rights reserved.

Copyright by LupaGroup. All rights reserved.