Amazon is investing this money in Anthropic, a rival to ChatGPT creator OpenAI. This secures Amazon a minority stake in the company and opens up its AI technology for use in Amazon’s own applications.
For example, Amazon is hoping to speed up the development of Anthropic’s AI tech to help advance Amazon Web Services (AWS). That will also see AWS become the primary cloud provider of Anthropic.
Andy Jassy, CEO of Amazon, said the following about this investment:
“We have tremendous respect for Anthropic’s team and foundation models, and believe we can help improve many customer experiences, short and long-term, through our deeper collaboration.”
What This Means for AMZN Stock
AMZN stock is up 1.1% as of Monday morning.
There’s even more stock market news that traders are going to want to know about below!
We have all of the hottest stock market news that traders need to read about on Monday! That includes an update on share sales from a HP (NYSE:HPQ) stock investor, the latest details of a writers’ strike, as well as Joby Aviation (NYSE:JOBY) completing an early aircraft delivery. All of that news is ready to go at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.