Amazon is reportedly developing a new AI tool called Olympus that can analyze videos. The multimodal model is thought to be a boon to Amazon's AWS offering.

We recently published a list of 15 AI News Updates That Investors Are Watching. In this article, we are going to take a look at where Amazon.com, Inc. (NASDAQ:AMZN) stands against the other AI stocks.

E-commerce giant Amazon has developed new generative artificial intelligence (AI) that can process images and videos in addition to text, making it less reliant on AI startup Anthropic, The Information reported on Wednesday.

Amazon renewed its commitment to Anthropic last week with a $4 billion injection into the company to take a minority stake. Both entities shared the news they are commencing a strategic collaboration in the AI space, with the startup unsurprisingly tapping Amazon Web Services as its primary cloud provider.

Amazon is advancing its generative AI capabilities with Olympus, a new large language model (LLM) designed to process multimedia content, including

Amazon has created an AI model named Olympus. It can understand and process images, videos, and text. This new capability is expected to improve customer search functions on Amazon Web Services. Amazon may reveal Olympus at the AWS re:Invent conference next week.

Last week, Amazon made an additional $4 billion investment into Anthropic, a competitor to OpenAI. This follows a similar $4 billion investment in September 2023 to capitalize on generative AI technology. Amazon could officially announce Olympus at the annual AWS re:Invent customer conference as soon as next week.