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Amazon Stock Rises as AWS Unveils New AI Advances: What You Need to Know – Amazon.com (NASDAQ:AMZN)

Amazon Stock Rises as AWS Unveils New AI Advances: What You Need to Know – Amazon.com (NASDAQ:AMZN)

Amazon.com Inc AMZN Shares are trading higher on Tuesday. Amazon Web Services made a number of announcements at its re:Invent 2024 conference, including the general availability of Trainium2, new database features, Bedrock updates, and new foundation models. Here’s what you need to know:

What you should know: Amazon’s biggest conference of the year, AWS re:Invent 2024, began this week with sessions scheduled to last through Friday.

CEO of Amazon Web Services Matt Garman On Tuesday, he gave his first keynote speech since taking the helm at AWS in June. The company announced the general availability of its Trainium2 chip and brought Benoit DupinSenior Director of Machine Learning and AI at Apple Inc AAPLon stage.

Amazon and Apple have been working together for years. According to CNBC, Dupin highlighted some of the successes the companies have shared and suggested on stage that Apple will use Amazon’s Trainium2 chip to pre-train its models.

Amazon says its Trainium2 chip offers 30% to 40% better price/performance than the current generation and is specifically designed to support the largest generative AI workloads for both training and inference.

Amazon also announced new features that make Amazon S3 Tables the first cloud object storage with fully managed support for Apache Iceberg for faster analytics. The new functions also include the ability to automatically generate queryable metadata, thereby simplifying data discovery.

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Amazon also introduced new features for Amazon Aurora and Amazon DynamoDB to support customers’ demanding workloads. Amazon Aurora is a cloud-native relational database that offers the power and performance of a high-end commercial database with the flexibility and cost-effectiveness of an open source database.

Amazon also announced new features for its AI building and scaling service, Amazon Bedrock, that help customers prevent factual errors, manage multiple AI-powered agents, and build smaller, task-specific models.

Amazon and GitLab Inc GTLB announced an integrated offering that combines GitLab Duo with Amazon Q to deliver a seamless AI-powered developer experience that combines DevSecOps workflows with Amazon Q autonomous agents to help companies deliver secure software faster.

One of the latest announcements from the re:Invent conference is Amazon’s new generation of Foundation models called Amazon Nova. The following models will be available in Amazon Bedrock:

  • Amazon Nova Micro, Lite & Pro: Very fast text-to-text model
  • Amazon Nova Premier: multimodal models that can process texts, images and videos to generate text
  • Amazon Nova Canvas: additional model that generates studio quality images
  • Amazon Nova Reel: additional model that generates studio quality videos

“Amazon has about 1,000 generative AI applications in use, and we got a bird’s-eye view of what application developers are still struggling with,” he said Rohit PrasadSVP of Amazon Artificial General Intelligence.

“Our new Amazon Nova models are designed to help address these challenges for internal and external developers, providing compelling intelligence and content generation while delivering significant advances in latency, cost efficiency, customization, Retrieval Augmented Generation (RAG), and agent capabilities.”

Amazon’s AWS re:Invent 2024 event is ongoing and further updates are expected to be announced later in the week.

AMZN price action: According to Benzinga Pro, Amazon shares were up 0.89% at $212.58 at the time of publication.

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Photo: courtesy of Amazon.

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