In an apparent bid to assert its presence in the rapidly expanding artificial intelligence (AI) landscape, Amazon Web Services (AWS)—the retail giant’s sizable cloud computing arm—has introduced a fund of $100 million to bolster startups focusing on generative AI.

Known as the AWS Generative AI Innovation Center, the program is designed to connect AWS-affiliated data scientists, strategists, engineers, and solutions architects with customers and partners. The aim, in Amazon’s words, is to “accelerate enterprise innovation and success with generative AI.”

Generative AI—including tools like ChatGPT or Midjourney—is a subset of artificial intelligence which, instead of learning to classify data or predict outcomes, is capable of generating new content. It creates anything from text and images to music, based on learned patterns. This cutting-edge AI can augment human productivity and creativity by churning out designs, ideas, and solutions that were previously inconceivable.

As per a recent McKinsey report, generative AI holds the potential to add a staggering $4.4 trillion to the global economy annually. The entire AI industry is estimated to touch the sky-high figure of $15.7 trillion by 2030, underscoring the colossal economic value of these technologies.

At the helm of the AWS Generative AI Innovation Center is Sri Elaprolu, who elaborated on the program’s objectives.

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Author: Jose Antonio Lanz

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