Walmart and Amazon’s Retail Tug-of-War Now Focused on AI
As Amazon Increases its Investments in Artificial Intelligence Walmart is Using AI Across its Business
Amazon’s $1 billion Industrial Innovation Fund is ramping up investments in companies that combine AI and robotics this year to boost efficiency throughout its logistical network, Franziska Bossart, head of the corporate venture capital arm, said.
Among the 12 investments the company has already made is one in Mantis Robotics, a company building a robotic arm that works alongside humans. Amazon has also pledged up to $4 billion to generative AI startup Anthropic.
Additionally, the company is tapping new AI capabilities to grow its revenue through its B2B offerings. Amazon Bedrock, the eCommerce company’s service to make foundation models both from its own teams and external AI startups available for businesses to use, announced Friday (Feb. 23) that it will add models from Mistral AI to its offerings. The AI startup provides generative AI designed to excel in tasks such as text summarization, structuration, question answering and code completion.
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