AWS is increasing its credit offerings for startups, with newly appointed CEO Matt Garman focusing on collaborating with emerging companies, particularly those in artificial intelligence. Amazon’s profits largely come from AWS, which generated $25 billion in revenue in the first quarter of this year, although competitors Microsoft Azure and Google Cloud are growing rapidly due to advancements in AI models.
Matt Garman recently met with founders in Silicon Valley and emphasized the importance of working with startups, specifically in the AI sector. AWS has been investing heavily in generative AI, partnering with rival OpenAI. The company is playing catch-up with Microsoft and Google, both of which have seen significant growth in the cloud infrastructure market, particularly in generative AI.
In response to this competition, Amazon has launched a new 10-week generative AI accelerator program, offering participants up to $1 million in cloud credits. Earlier this week, AWS chief scientist Rohit Prasad announced the hiring of David Luan, co-founder and CEO of AI startup Adept, along with some of his colleagues. Amazon is also licensing Adept’s agent technology and datasets.
In an effort to attract more startups, Microsoft has partnered with Silicon Valley accelerator Y Combinator to offer $350,000 in Azure credits and access to GPUs for training AI models. Microsoft also has a program for startups called the Microsoft Founders Center, providing up to $150,000 in Azure credits over four years. Additionally, Microsoft has expanded its $350,000 credit incentive to other accelerators, such as the AI Grant.
With the rapid growth of the cloud infrastructure market and advancements in AI technology, AWS is ramping up its efforts to support startups through increased credit offerings and accelerator programs. The company recognizes the importance of collaborating with emerging AI companies and is positioning itself to remain competitive in this fast-evolving industry.
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https://www.cnbc.com/amp/2024/06/28/amazon-doubling-value-of-credits-for-startups-to-build-on-aws-cloud.html