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  • 14 Jul, 2024

Amazon Pledges $230 Million to Support Generative AI Startups

Amazon Pledges $230 Million to Support Generative AI Startups

Amazon Web Services (AWS), the cloud computing giant, announced on Thursday a $230 million initiative to accelerate the development of generative artificial intelligence (AI) applications by startups globally.

This commitment will provide early-stage companies with AWS cloud computing credits, mentorship, and educational resources to enhance their use of AI and machine learning technologies. The company emphasized that this support is crucial as generative AI, exemplified by models like ChatGPT, demands significant computing power that can quickly exhaust the financial resources of startups.

Participating startups will gain access to AWS’s comprehensive suite of services, including computing, storage, database solutions, and custom AI chip offerings through the provided credits.

Amazon’s announcement comes at a time when major tech companies face increased scrutiny from antitrust regulators over concerns that they may be hindering competition in the emerging AI market. Earlier this year, the Federal Trade Commission (FTC) launched an inquiry into how major tech firms, including AWS, were investing in AI startups. Additionally, competition watchdogs in the EU and the UK are investigating partnerships between AI firms and their major US tech partners.