Amazon has entered the AI race with the launch of its own rival to ChatGPT. Amazon Web Service (AWS) unveiled Bedrock, a new suite of applications that businesses can use to build chatbots, generate text and make images using prompts. Instead of making its own AI models, Bedrock gives customers access to different AI-powered models from top providers such as AI21, Anthropic, and Stability AI. Amazon believes that such applications will draw the attention of many customers and can be used for their benefit.
On the same day of the launch, Amazon CEO Andy Jassy stated that they will invest heavily in generative AI and large language models.
Meanwhile, on the Wall Street stock markets, the Dow Jones Industrial Average ended 1.1 percent higher at 34,029.69, while the broad-based S&P 500 jumped 1.3 percent to 4,146.22. The tech-heavy Nasdaq index moved 2.0 percent higher to 12,166.27. The stock markets got a boost from the news that inflation had surprisingly decreased, according to reports. Treasury yields also reversed their losses after the news.
The company Amazon is an American tech giant headquartered in Seattle, WA. It is a multinational company that provides e-commerce, cloud computing services, artificial intelligence, and digital streaming. It is one of the world’s largest Internet companies, with over one million employees, and it holds the title for being the largest e-commerce platform in the world.
Elon Musk, inventor and tech mogul, recently announced a collaboration with Twitter in which users will be able to view market charts on different financial instruments and buy and sell stocks and other assets through the platform. This product is still in the development process and it has been met with enthusiasm from many users. This is one of the rare business deals that Musk has made since his acquisition of Twitter back in 2020.
