Amazon (AMZN Quick QuoteAMZN - Free Report) is leaving no stone unturned to bolster its generative AI capabilities on the back of its cloud computing arm, Amazon Web Services (AWS).

The latest introduction of the AWS Generative AI Innovation Center program is a testament to the same.

The new program helps connect customers across the world with AWS’ AI and machine learning (ML) experts in order to aid them in building and deploying generative AI solutions seamlessly.

Moreover, customers will get step-by-step guidance from AWS and the AWS Partner Network in picking the right models, defining paths to navigate technical or business challenges, developing proofs of concepts and making plans for launching solutions at scale.

Additionally, the AWS Generative AI Innovation Center will help customers use generative AI services such as Amazon CodeWhisperer, Amazon Bedrock and Amazon Titan, among others.

AWS is investing $100 million in the program, which bodes well for Amazon’s strategy to bring generative AI technology to customers globally.

Generative AI Prospects

At the beginning of second-quarter 2023, Amazon forayed into the booming generative AI space with the launch of Amazon Bedrock, which is designed to accelerate the deployment of generative AI-backed foundation models (FM). Further, the company introduced its language model called Amazon Titan.

We believe growing generative AI efforts are likely to strengthen its presence in the generative AI market, which holds immense prospects.

Per a report from The Brainy Insights, the market for generative AI is expected to reach $188.62 billion by 2032, seeing a CAGR of 36.1% between 2022 and 2032.

Per a Grand View Research report, the market is likely to hit $109.4 billion by 2030, witnessing a CAGR of 34.6% between 2022 and 2030.

We believe that the growth prospects of this Zacks Rank #3 (Hold) company in this promising market are expected to aid it in winning investors’ confidence in the near term.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Coming to the price performance, AMZN has gained 53.2% on a year-to-date basis.

Competitive Scenario

Amazon’s growing generative AI efforts are likely to stiffen competition for its peers – Alphabet’s (GOOGL Quick QuoteGOOGL - Free Report) Google, Microsoft (MSFT Quick QuoteMSFT - Free Report) and Baidu (BIDU Quick QuoteBIDU - Free Report) , to name a few, which are also making concerted efforts toward bolstering their generative AI offerings.

Microsoft recently integrated OpenAI’s next-generation LLM — GPT-4 — into its search engine Bing and browser Edge to deliver a ChatGPT-like experience to users.

Further, Microsoft Azure offers Azure OpenAI Service, which enables the seamless application of Large Language Models (LLM) and generative AI techniques in various use cases.

Meanwhile, Google, which forayed at the beginning of this year by unveiling its chatbot Bard, recently rolled out consulting services to bolster generative AI efforts. The new offerings include advice and tools through which Google Cloud strives to aid clients in adopting generative AI techniques.

Moreover, these tools are designed to help customers boost automation in their business operations by generating content and summarizing information with the power of AI.

Additionally, Baidu continues to progress well with its generative AI chatbot — Ernie Bot — which is capable of solving mathematical queries, responding to questions regarding Chinese literature and generating images and videos. It is also capable of generating audio in different Chinese dialects. Further, the company intends to integrate Ernie Bot into its search service.