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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Top Stories

    Posted By Uma Rajagopal

    Posted on June 13, 2024

    Featured image for article about Top Stories

    Amazon adds $230 million in cloud credits to AI startups

    By Krystal Hu

    (Reuters) – Amazon said it is investing $230 million in the form of Amazon Web Service (AWS) credits in artificial intelligence startups, the latest example of cloud providers trying to capture AI clients from nascent stages.

    The credits will provide early-stage generative AI startups free access to computing power, a variety of AI models, and infrastructure, if they build their companies on AWS.

    Amazon says it already offers $1 billion in cloud credits every year to startups, with this new commitment focusing on supporting generative AI startups.

    “They’ll be able to iterate very quickly and pivot very quickly as necessary. Then ultimately, when they hit on that home run, they’ll be able to double down and get to the scale with security, responsibility and consistency,” said Matt Wood, vice president of AI Products at AWS.

    Part of the credits will also support 80 early-stage companies globally through the AWS Generative AI Accelerator program, the company said. Each startup admitted to the accelerator could receive up to $1 million in AWS credits.

    It’s common for cloud providers, from Microsoft Azure to Google Cloud, to offer credits to lure enterprises to use their services, as cloud costs can pile up for a company as their usage increases.

    Earlier this year, Amazon has expanded its cloud credits to cover the use of models from providers such as Anthropic, Meta, Mistral AI, and Cohere, as the company aims to boost the market share of its AI platform.

    AI demand has driven up the usage of cloud services, contributing to the accelerated growth of cloud providers. For instance, AWS’s revenue rose by 17% to $9.42 billion in the first quarter, surpassing analyst expectations. The investment by tech giants in AI startups have also attracted attention from regulators over antitrust concerns.

    Howard Wright, global head of Startups at AWS who managed startups relationships, recently left the company, according to people familiar with the move. Amazon declined to comment on the move.

    (Reporting by Krystal Hu in New York; Editing by Lincoln Feast.)

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