Attendees walk through an expo hall at AWS re:Invent 2023, a conference hosted by Amazon Web Services , in Las Vegas - Amazon said it is investing $230 million in the form of Amazon Web Service credits in artificial intelligence startups, the latest example of cloud providers trying to capture AI clients from nascent stages.
"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.
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.
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