ecommerce giant Amazon (AMZN) has jumped into the booming field of generative artificial intelligence, the technology behind ChatGPT, the company announced Thursday. AMZN’s stock price rose like other AI companies.
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Amazon joins Google as owner alphabet (GOOGL) and microsoft (MSFT) is looking to take advantage of a new and very popular technology.
AMZN’s stock price rose 3% to 100.73 during today’s stock market morning trading.
Alphabet and Google have previously announced plans to open ChatGPT. Meanwhile, Amazon’s cloud computing unit, Amazon Web Services, plans to target corporate customers.
AMZN Stock: Expanding Access to Custom Chips
The big three cloud computing companies, AWS, Microsoft, and Google, have put AI development at the top of their to-do lists. Each seeks to capitalize on the growing interest in artificial intelligence technology.
AWS also expands access to custom-made chips. They say the chip can run AI software more efficiently and cheaper than its competitors.
“Machine learning has been a promising technology for decades,” CEO Andy Jassy said in the company’s annual letter to shareholders. Five to 10 years,” he said. Amazon published a letter from Jassy on Thursday.
Jassy continues:
Machine learning is a branch of artificial intelligence.
In addition to AMZN’s gains, Alphabet’s stock rose 2% to 106.72. Microsoft rose 1.5% to 287.75.
Follow Brian Deagon on Twitter. @IBD_BDeagon Learn more about technology stocks, analytics and financial markets.
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