During the AWS NYC Summit, Amazon showcased its Generative AI (GenAI) skills, impressing attendees and positioning itself as a frontrunner in the AI race. JPMorgan analyst Doug Anmuth predicts a bright future for Amazon, with a price target of $240 by December 2024. Anmuth expects AWS revenue growth to accelerate through 2025, reaching 20% in the fourth quarter.
Dr. Matt Wood, AWS’s vice president of artificial intelligence products, revealed that GenAI has already become a multi-billion dollar business, with annual revenues estimated between $2 billion and $3 billion. Amazon projects that GenAI will continue to grow significantly, representing a revenue opportunity of tens of billions of dollars in the future. AWS has a strong presence in the AI/ML market, powering 96% of AI/ML unicorns and 90% of Forbes AI 50 companies.
At the AWS Summit, Amazon introduced new products to strengthen its GenAI offerings, including Graviton4, an improved processor that delivers better performance than its predecessor. Other innovations showcased include updates to Base: Bedrock, Amazon P, and AWS Application Studio, all aimed at enhancing the customer experience and expanding AWS’s reach in the AI market.
With its aggressive push into GenAI, diverse product suite, and growing customer base, Amazon is well-positioned for continued growth in the AI sector. As more enterprises and startups turn to AWS for their AI and ML needs, Amazon is on track to solidify its position as a leader in the AI revolution, driving significant benefits for the company in the years to come.
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https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39729095/amazons-aws-summit-showcases-genais-multi-billion-dollar-momentum