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In his annual letter to shareholders, Jeff Bezos’ successor and Amazon.com Inc (NASDAQ:AMZN) CEO Andy Jassy highlighted the potential of artificial intelligence (AI) to revolutionize the tech industry.
What Happened: Jassy’s letter, released on Thursday, emphasized the significance of AI in the future of technology.
He suggested that generative AI could be the most significant technological shift since the cloud. "Generative AI may be the largest technology transformation since the cloud (which itself, is still in the early stages), and perhaps since the Internet."
"The amount of societal and business benefit from the solutions that will be possible will astound us all."
He outlined Amazon’s three-layered approach to AI: building foundational models, leveraging existing ones, and using pre-built gen AI applications based on their needs and expertise.
Jassy also highlighted the importance of security in AI, noting that customers’ AI models contain sensitive data. He also provided an update on Amazon’s Project Kuiper, a $10 billion initiative to launch internet satellites.
Jassy says generative AI will help in delivering the next major customer breakthrough.
"A question people never ask, and might be even more interesting is what's the next set of primitives you're building that enables breakthrough customer experiences? If you asked me today, I'd lead with Generative AI."
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Why It Matters: Jassy’s letter underscores the growing influence of AI in the tech industry.
Other major players, such as Oracle Corp. (NYSE:ORCL) and Apple Inc (NASDAQ:AAPL), have also been making significant strides in AI, with Deepwater Asset Management's Gene Munster predicting a $33 billion a year opportunity for Apple in the AI sector.
Amazon’s focus on AI aligns with the broader industry trend, indicating the increasing importance of AI in shaping the future of technology.
Check out more of Benzinga’s Future Of Consumer Tech by following this link.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo courtesy: Wikimedia
