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Amazon’s market valuation reaches $2 trillion, driven by AI and cloud business growth.
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Amazon Web Services (AWS) reports highest sales growth in a year, contributing to the milestone.
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Amazon plans to upgrade Alexa with conversational generative AI, dubbed “Remarkable Alexa”.
Amazon has achieved a market valuation of $2 trillion, joining an elite group of tech giants like Alphabet, Nvidia, Microsoft, and Apple. The surge is attributed to the growing enthusiasm for artificial intelligence (AI) and the impressive performance of its cloud computing division, Amazon Web Services (AWS).
AWS reported its highest sales growth in a year, contributing to Amazon’s stock performance. Additionally, strategic cost-cutting and restructuring moves, along with a focus on AI, have boosted investor confidence. Amazon is now planning to upgrade its voice assistant, Alexa, with conversational generative AI, internally known as “Project Banyan”.
The upgraded Alexa, dubbed “Remarkable Alexa”, will be able to understand and respond to complex prompts and questions in a more human-like manner. This move aims to better compete with AI chatbots from Google, Microsoft, and OpenAI. CEO Andy Jassy has personally invested in the project, setting an internal deadline of August for the new version’s release.
