Amazon Pledges USD 230 million to Promote Generative AI Startups

CIOTechOutlook Team | Friday, 14 June 2024, 04:06 IST

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Amazon Web Services, the cloud computing giant, declared a $230 million investment to speed up the development of generative artificial intelligence applications by entrepreneurs around the world.
 
The project will provide early-stage startups with AWS cloud computing credits, mentorship, and education to help them better utilize AI and machine learning technology, according to the company. Amazon's gesture comes as big tech corporations face greater scrutiny from antitrust regulators for restricting competition in the emerging AI industry.
 
The offered credits will grant participating firms access to AWS compute, storage, database, and bespoke AI chip services. The training of generative AI models underpinning apps like ChatGPT needs massive amounts of computer power, which quickly depletes startups' cash reserves.
 
Earlier this year, the Federal Trade Commission launched an investigation into how large internet corporations were investing in AI startups, asking additional information from them, including AWS. The EU and UK competition watchdogs are also looking at collaborations between artificial intelligence firms and their US big tech partners.
 
Amazon Web Services, Inc. (AWS) is a subsidiary of Amazon that offers on-demand cloud computing platforms and APIs to individuals, businesses, and governments on a metered, pay-per-use basis. Customers access AWS services through a global network of AWS server farms.
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