TECH - Amazon's AWS Summit Showcases GenAI's 'Multi-Billion Dollar' Momentum | Benzinga
Amazon.com Inc (NASDAQ:AMZN) showcased its generative AI (GenAI) prowess at the AWS NYC Summit, captivating attendees.
According to insights from JPMorgan analyst Doug Anmuth, Amazon is positioning itself as a frontrunner in the AI race, leveraging its robust infrastructure, extensive customer data, and security-first approach.
Anmuth is bullish on Amazon, reiterating an Overweight rating with a price target of $240 by December 2024, up from the current price of $199.79 (as of July 10).
Anmuth projects AWS revenue growth to accelerate, with expected increases of 18% in Q2, 19% in Q3, and 20% in Q4, continuing into 2025.
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GenAI: The Crown Jewel Of Amazon’s Business
Dr. Matt Wood, AWS VP of AI Products, highlighted that GenAI has already evolved into a “multi-billion dollar business,” with annualized revenues estimated between $2 billion and $3 billion.
This figure is set to skyrocket, with Amazon projecting GenAI as a “tens of billions of dollars” ...