Amazon (AMZN) and its CEO Andy Jassy are investing heavily into artificial intelligence (AI), specifically large language models (LLMs), and the technology that underlies ChatGPT and other AI chatbots. In a letter to shareholders, Jassy noted that these models will transform customer experiences, and Amazon will continue to substantially invest in them.
Companies like Google (GOOG), Facebook (FB), and Microsoft (MSFT) are also tapping into the fast evolving space of AI technologies, such as generative AI, which can create outputs such as essays, stories, and visuals when given user prompts.
Amazon’s ambition is to offer less expensive machine learning chips, to increase affordability for small and large companies to train and run their LLMs. As part of this effort, Amazon unveiled “Bedrock,” a service that allows businesses to use foundation models from AI21 Labs, Anthropic, Stability AI, and Amazon itself via an API. Jassy is convinced that this service will improve the AI space.
In the same letter to shareholders, Jassy also acknowledged the difficult year that the company had in terms of macroeconomics, including cutting 27,000 jobs and reducing cost overall.
The company reported that Jassy’s pay package last year was valued at $1.3 million, and he did not receive new stock awards in 2021.
Despite a difficult past year, Jassy has been optimistic and energized at what lies ahead in leading the company. He firmly believes that its best days are yet to come. As Amazon continues to invest in AI, it will only become clearer how this technology could be beneficial to the company’s customers and shareholders.
