Amazon advances AI push with new models and partnerships; Inventory up 25.5% year-to-date

Driven by its developments in artificial intelligence (AI), Amazon (NASDAQ:AMZN) continues to solidify its position among “Mag 7” stocks with shares up 25.5% year-to-date and over 21% over the past six months.

At the re:Invent conference in Las Vegas, Amazon Web Services (AWS) presented several significant projects in the field of artificial intelligence. These include the launch of foundational artificial intelligence models, collaborations with GitLab (NASDAQ:GTLB) and PagerDuty (NYSE:PD), and a new video search tool developed with startup Twelve Labs. In collaboration with Amazon Q, GitLab Duo aims to accelerate software development by incorporating AI-powered DevSecOps processes.

Ashley Kramer, GitLab’s interim chief revenue and marketing officer, said: “GitLab Duo with Amazon Q provides an enterprise-class platform that accelerates and automates software development while ensuring security, compliance and privacy.” Adding to its 11- Year-long relationship with AWS, PagerDuty announced enhanced generative AI and automation capabilities for its Operations Cloud platform. “

“We are expanding our alliance to include generative artificial intelligence in digital operations management,” said Jennifer Tejada, CEO of PagerDuty. AWS also introduced Twelve Labs’ creative video search system, which enables highly contextual searches similar to human vision.

CEO Jae Lee highlighted how the platform could provide insights from the 80% of data stored in videos worldwide. AWS also introduced a new collection of foundational artificial intelligence models called Amazon Nova, with capabilities ranging from text-to-text processing to video conversion of text and images.

This article first appeared on GuruFocus.