Subj : Amazon CEO says GenAI may be the biggest technology transformatio
To   : All
From : TechnologyDaily
Date : Fri Apr 12 2024 15:15:04

Amazon CEO says GenAI may be the biggest technology transformation since the 
cloud

Date:
Fri, 12 Apr 2024 14:00:14 +0000

Description:
Generative AI is the next digital revolution, and its being likened to the 
cloud but with a far easier transition.

FULL STORY
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In his annual year-end letter to shareholders, Amazon CEO Andy Jassy 
highlighted the significance of generative artificial intelligence not just 
for the companys profits but the entire technological landscape. 

Likening its impact to that of the advent of the cloud, Jassys sentiments 
reflect a growing recognition of the power of GenAI among tech workers. 

The news came as the company reported 12% year-on-year revenue growth to a 
staggering $575 billion. AWS is thankful for generative AI 

Amazon Web Services (AWS), Amazon's cloud division that manages the 
generative AI side of operations, reported slightly higher revenue growth of 
13% year over year. The divisions $91 billion income accounted for 15.8% of 
the companys accounts. 

In the letter, Jassy stated: Generative AI may be the largest technology 
transformation since the cloud (which itself, is still in the early stages), 
and perhaps since the Internet. 

Jassy also commented on GenAIs comparative simplicity, sharing that while 
moving from on-prem to the cloud requires a large migration effort, 
generative AI can be layered on top of existing work in the cloud. 

He added: The amount of societal and business benefit from the solutions that 
will be possible will astound us all. 

The journey towards harnessing generative AIs full potential isnt without its 
challenges, though. Jassy acknowledged the technologys appetite for computing 
resources, software services, and infrastructure. 

Looking ahead, the CEO touched upon the importance of collaboration and 
diversity in the AI landscape, adding that the vast majority [of GenAI 
applications] will ultimately be built by other companies. 

Regarding the cloud computing business, the company's last full financial 
year started off with widespread cost-reducing efforts, including layoffs, 
but by the end, things started to look up thanks to investments in in-house 
components. 

More broadly, though, Amazons CEO stated that the company is not done 
lowering our cost to serve, indicating that further measures of efficiency, 
including layoffs, could be on the cards. Amazons layoffs in the past three 
months have only affected a few hundred, making them significantly smaller 
than previous efforts. More from TechRadar Pro These are the best AI tools 
and best AI writers Check out our roundup of the best cloud hosting providers 
AWS plans hundreds of job cuts as Amazon downsizing continues



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Link to news story:
https://www.techradar.com/pro/amazon-ceo-says-genai-may-be-the-biggest-technol
ogy-transformation-since-the-cloud


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