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Amazon.com Inc (NASDAQ:AMZN) showcased its generative AI (GenAI) prowess at the AWS NYC Summit on Wednesday, captivating attendees.
According to insights from JPMorgan analyst Doug Anmuth published on the same day as the event, Amazon is positioning itself as a frontrunner in the AI race, leveraging its robust infrastructure, extensive customer data, and security-first approach.
Anmuth is bullish on Amazon, reiterating an Overweight rating with a price target of $240 by December 2024, up from the current price of $199.79 (as of July 10).
Anmuth projects AWS revenue growth to accelerate, with expected increases of 18% in Q2, 19% in Q3, and 20% in Q4, continuing into 2025.
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Dr. Matt Wood, AWS VP of AI Products, highlighted that GenAI has already evolved into a “multi-billion dollar business,” with annualized revenues estimated between $2 billion and $3 billion.
This figure is set to skyrocket, with Amazon projecting GenAI as a “tens of billions of dollars” revenue opportunity over the next several years.
AWS boasts “hundreds of thousands” of AI/ML customers, with a substantial presence in regulated industries and among venture-backed startups. Remarkably, 96% of AI/ML unicorns and 90% of Forbes AI 50 companies run on AWS, underscoring the platform’s dominance.
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The Summit was not just about showcasing existing capabilities; it was a launchpad for new innovations. AWS unveiled an array of products aimed at bolstering its GenAI offerings across the tech stack:
Amazon’s aggressive push into GenAI, combined with its comprehensive product suite and expanding customer base, positions AWS for sustained growth. As enterprises and startups alike flock to AWS for their AI/ML needs, Amazon stands to reap substantial rewards, solidifying its status as a leader in the AI revolution.
Photo: For Everything/Shutterstock.com
Posted In: AMZN