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Amazon shares climbed more than 3% in intraday trading on Wednesday, pushing the company's market cap past $2 trillion for the first time. In crossing the milestone, Amazon joins Nvidia , Apple , Alphabet and Microsoft , all of which are worth $2 trillion or more. Investors have also cheered the company's recent cost-cutting initiatives, which fueled Amazon's earnings growth in recent quarters. It took Amazon more than four years to cross the $2 trillion milestone. Its market cap reached $1 trillion in 2020, the second time in its history after hitting the benchmark for the first time in 2018.
Persons: Andy Jassy Organizations: Nvidia, Apple, Microsoft, Nasdaq, Web Services, Amazon, Investors
GameStop shares slide 16% following Friday's 40% sell-off
  + stars: | 2024-06-10 | by ( Yun Li | ) www.cnbc.com   time to read: +2 min
Meanwhile, meme stock champion Keith Gill hosted his first livestream in a few years Friday. He revealed that he didn't have any institutional backers and the GameStop positions he had shared in screenshots were his only bets. The video game company's stock declined to just below $24 apiece on Monday after falling nearly 40% on Friday alone. GameStop shares fell more than 16% on Monday as the meme stock extended Friday's sell-off sparked by a dismal earnings report and a uninspiring livestream from Roaring Kitty. The analyst thinks that any boost GameStop got from Gill could turn out to be short-lived.
Persons: Keith Gill, Gill, Roaring Kitty, Michael Pachter, Pachter, NFTs, Roaring Organizations: New York Stock Exchange, GameStop, Amazon Locations: New York, Roaring
The in-house AI chip efforts have yet to make a major dent in Nvidia's grip on the market. 'Parity with CUDA'Internally at Amazon, Nvidia's CUDA platform is repeatedly cited as the biggest roadblock for the AI chip initiative. AdvertisementAn obvious response to this would be to have cloud customers use Amazon's own AI chips instead. AdvertisementFor example, AWS's AI chips still have "compatibility gaps" in certain open-source frameworks, making Nvidia GPUs a more popular option. Don't count Amazon outDespite Amazon's AI chip struggles, the effort seems to have caught the attention of Nvidia's CEO Jensen Huang.
Persons: , Bernstein, Stacy Rasgon, I'm, Rasgon, Adam Selipsky, Jensen Huang, Andy Jassy, Inferentia, Trainium, We're, Snowflake's, Sridhar Ramaswamy, Eóin Noonan, Ramaswamy, James Hamilton, Jassy, Gartner, Amazon's, Huang Organizations: Service, Microsoft, Google, Business, Nvidia, Intel, Amazon, BI, Annapurna, NVIDIA CUDA, Netflix, Neuron, AWS, Amazon VP, James Hamilton Amazon, Amazon SVP Locations: Inferentia, Toronto, Canada, CUDA
"I'm not aware of anyone using AWS chips in any sort of large volumes," Rasgon told Business Insider, referring to Amazon's AI chips. This time, the idea is to avoid paying for expensive Nvidia GPUs, while still providing cloud customers with powerful AI services. An obvious response to this would be to have cloud customers use Amazon's AI chips instead. However, some of the largest AWS customers have not been willing to use these homegrown alternatives, the documents said. For example, AWS's AI chips still have "compatibility gaps" in certain open-source frameworks, making Nvidia GPUs a more popular option.
Persons: , Stacy Rasgon, Bernstein, I'm, Rasgon, Adam Selipsky, Jensen Huang, Andy Jassy, Inferentia, Trainium, Omdia, Snowflake's, Sridhar Ramaswamy, Eóin Noonan, CUDA, Ramaswamy, James Hamilton, Jassy, Gartner, Huang Organizations: Service, Microsoft, Google, Business, Services, Nvidia, Intel, Amazon, NVIDIA CUDA, Netflix, Neuron, AWS, NVIDIA, Amazon VP, James Hamilton Amazon, BI Locations: CUDA, Toronto
But it's no longer just about digital ad dollars, and Amazon's inaugural presence at this year's Upfronts events is the clearest indication that the e-commerce giant is prepared to take on traditional media. Amazon's Prime Video and other streamers would historically be featured at Newfronts, which is digital media's take on Upfronts. This year, they're projected to spend roughly $18.8 billion on traditional TV ads during Upfronts, an increase of 1% from a year earlier, according to eMarketer. 1 question all of you asked was, 'When are you going to show ads on Prime Video?'" He showed how the business has evolved to include digital video ads on Prime Video.
Persons: they're, Cowen, Alan Moss, we've, Reese Witherspoon, Jake Gyllenhaal, Paul Kotas, We've, Kotas, we're, — CNBC's Lillian Rizzo, Alex Sherman Organizations: Meta, Google, Amazon, Disney, Comcast, Netflix, Google's YouTube, Prime, Revenue, National Football League, CNBC Locations: Amazon, U.S
Jeff Bezos emailed Amazon execs asking why more AI firms aren't using its cloud services, CNBC reported. Amazon is investing in AI tools and startups to remain competitive in the AI race. AdvertisementIt seems like Jeff Bezos is concerned about Amazon lagging behind rivals in the AI race. The person reportedly said Amazon is considered the "most vulnerable" Big Tech company in the AI arena. Aware of that perception, Bezos is "very involved" in its AI efforts and has been mapping out the competitive playing field, according to CNBC.
Persons: Jeff Bezos, Organizations: Amazon, CNBC, OpenAI, Microsoft, Google, Service, Big Tech
Elon Musk once championed encrypted messaging app Signal, promoting its user privacy protections. Signal has been sharply criticized recently by a conservative activist and a rival app, Telegram. AdvertisementThe encryption wars brewing between the messaging apps Telegram and Signal have attracted the commentary of a high-profile critic: Elon Musk. In response to Rufo's post, Musk wrote cryptically, "There are known vulnerabilities with Signal that are not being addressed. Green, as well as Musk, Signal, and Telegram representatives, did not immediately respond to requests for comment from Business Insider.
Persons: Elon Musk, Musk, , Elon, Pavel Durov, Durov, Tucker Carlson, Vladimir Putin, Jeff Bezos, Christopher Rufo —, Katherine Maher, Rufo, Maher, Edward Snowden, Meredith Whittaker, Whittaker, haven’t, IbXREWVaPL — Meredith Whittaker, @mer__edith, Jack Dorsey, — Elon, Johns Hopkins, Matthew Green, Green Organizations: Service, Fox News, NSA, Amazon, Elon, Telegram, Business Locations: Moscow
Michael Showalter kept acting long after he realized he didn't want to do it anymore — mostly because he needed to eat. Showalter got his start in college doing sketch comedy as a member of The State (formerly The New Group). Fast forward roughly two decades and Showalter has found himself right where he was always meant to be. But as I grew older, it was a combination of I wasn't getting cast in things, but I also wasn't really needing to get cast in things. Is there any one moment where you realized acting wasn't what you loved doing?
Persons: Michael Showalter, Showalter, Michael Ian Black, Joe Lo Truglio, Thomas Lennon, Ken Marino —, he'd, didn't, wasn't, Baxter, he's, Sally Field, Kumail Nanjiani, Zoe Kazan, Oscar, Nanjiani, Jessica Chastain, Tammy Faye, Elizabeth Holmes, Amanda Seyfried, Holmes, Jennifer Westfeldt, Lee's, Anne Hathaway, Reid Scott, Ella Rubin, Nicholas Galitzine, Claudette Godfrey, Daniel Boczarski, You've, you've, … It's, Ivanov, Kevin Kline, I'm, Adam Jason Finmann, gee, Hayes, Alisha Wetherill, Nicholas, Nick, Cathy Schulman, He's, It's, Anne, Bernie Telsey, Maria Organizations: The, Business, MTV, Globe, BI, SXSW, Knitting Factory, Amazon, Netflix Locations: New Jersey, Austin, Hollywood , California
In the past, he set Signal messages to automatically delete after one week. "I never would have used Signal under any circumstances with disappearing messages on or off to discuss any complicated business issues. Associated PressJEDI ContractThe FTC lawyer also showed Bezos a log of Signal messages that were used with the disappearing message feature activated. He said he "did not" know Signal messages were covered by those legal guidelines. The company was "unable to determine" why that's the case, but said it's possible Signal messages were deleted when they got new phones.
Persons: Jeff Bezos, Bezos, Mike Hopkins, , Andy Jassy, Amazon's, Jassy, Donald Trump, there's, I'm, Jeff Blackburn, Hopkins, Blackburn, Blackburn wasn't, Blackburn's, Max Organizations: Federal Trade, Amazon, Business, FTC, Associated Press, Defense Department, Microsoft, Department of Defense, Blackburn, Bezos Locations: Bezos, Blackburn
Usually, at the US TV upfronts — the annual event where the networks showcase their best upcoming programming in the hopes of securing big advertising commitments — the celebrities are the stars of the show. With more money being spent, advertisers are paying closer attention to what data they can use to inform their TV ad buys and prove that TV is powering their sales. It found that taking advantage of a media company's unique upfront data offerings, including retail data, was a top reason for advertisers to buy linear TV or connected TV in the upfronts, cited by 37%. US retail media CTV ad spend will increase by 86.6% this year to reach $4.19 billion, according to Emarketer. And Walmart's recent deal to acquire the TV manufacturer Vizio reflects the growing trend of retail media's convergence with TV advertising.
Persons: Eric Haggstrom, Dave Morgan, Andrea Montano, there's, NBCU, Mark Marshall, Marshall Organizations: Hollywood, Business, Amazon, TV, CTV, Kroger, Walmart, Netflix Locations: New York
Amazon execs used messaging app Signal to discuss business matters, the Federal Trade Commission said. The agency wants to know if execs told Amazon staff to delete messages, and when to use Signal. AdvertisementAmazon's top executives used the encrypted messaging app Signal to discuss "sensitive business matters," the Federal Trade Commission said in a court filing on Thursday. The founder said, "Are you on signal messaging app? "Amazon also recognizes that sellers believe 'that it has become more difficult over time to be profitable on Amazon,'" the FTC filing stated.
Persons: execs, , Jeff Bezos, Andy Jassy, David Zapolsky, Jeff Wilke, Dave Clark, Tim Doyle, Mike Hopkins, Carlo Bertucci, Amazon's, Zapolsky Organizations: Federal Trade Commission, Amazon, Service, FTC, Amazon MGM Studios
Attendees walk through an expo hall during Amazon Web Services' Reinvent conference at the Venetian in Las Vegas on Nov. 29, 2022. Amazon 's cloud computing division is laying off hundreds of employees in its physical stores technology and sales and marketing units, the company confirmed Wednesday. Amazon's lucrative AWS unit has seen its sales growth decelerate in recent quarters as companies trimmed their cloud spend amid rising interest rates. The cuts to AWS' store technology team come after Amazon said it would remove cashierless checkout systems in its U.S. Fresh stores. The store technology team was moved out of Amazon's retail group and folded into its cloud computing division in 2022.
Persons: We've, we're, GeekWire Organizations: Web Services, Amazon, MGM Studios, Employees Locations: Las Vegas, U.S
During the game’s commercial breaks, Temu managed to grab several 30-second ad slots estimated to cost $7 million each . Temu is spreading across AmericaSigns so far suggest US consumers are buying the Temu hype. AdvertisementResults published this month from a survey of around 600 consumers, carried out by investment bank Jefferies, found that almost one in three, or 31%, had used Temu. Temu lacks US-based apparel brands, the bank said, making online window shopping on the site less appealing to Americans, for now. That said, Temu looks ready to put its all into America.
Persons: , Taylor, Travis Kelce, didn’t, Temu, Shein, Jefferies, TikTok Organizations: Service, Super, Business, Bernstein Research, Bowl, Jefferies, Amazon, Bloomberg Locations: Tokyo, China, America, Europe, Beijing
Amazon is slated to report fourth-quarter earnings Thursday after the closing bell. In January, Amazon said it would let go of employees across units including Prime Video, MGM Studios, Twitch, Audible and Buy with Prime. In November, Amazon launched "Q," an AI chatbot for businesses, as well as new Trainium chips for AI applications. Discovery 's Max by introducing ads to Prime Video programming. Amazon will discuss the report on a conference call with analysts at 5:30 p.m.
Persons: Andy Jassy, Amazon, Evercore, Jassy's, Brian Olsavsky, Max Organizations: Web, Amazon, MGM Studios, Revenue, National Retail Federation, Netflix, Disney, Hulu, Warner Bros, Citi Locations: Ukraine
Jeff Bezos built Amazon into a tech behemoth and "everything store" that's now worth $1.6 trillion. Jassy, Bezos' longtime deputy, took the company's reins after the Amazon founder stepped down in 2021. "There aren't too many other bigger thinkers than Jeff Bezos," Jassy said, adding: "He always had a way of getting teams to think bigger." Jassy nonetheless touted Bezos' approach for inspiring great work from employees that helped fuel Amazon's success. "[Bezos] had a way of having really high standards, and then having everybody really stretch and aspire to those standards."
Persons: Jeff Bezos, Andy Jassy, Fortune, Bezos, GeekWire, Jassy, Jeff, You've, it'll Organizations: Economic, Amazon, Pacific Science Center, Web Services Locations: Davos, Switzerland
CNN —Amazon just inked a deal with chief competitor and Elon Musk-helmed SpaceX to launch internet-beaming satellites — a move that comes even as Amazon founder Jeff Bezos pursues his own space dreams with his own rocket company, Blue Origin, and as SpaceX builds its own internet constellation. Some Amazon satellites will still ride on a large rocket made by Blue Origin, dubbed the New Glenn. Amazon is working to build a constellation of thousands of internet satellites, called Project Kuiper, that is planned to beam connectivity across the planet. The Jeff Bezos-founded company made headlines in April 2022 when it signed a contract worth billions of dollars to launch Kuiper satellites on 77 rockets built by Blue Origin — another Bezos-founded venture — as well as ULA and European launch provider Arianespace. In an interview last month, Rajeev Badyal, vice president of technology for Project Kuiper, told CNN the prototypes were wholly successful.
Persons: Elon Musk, Jeff Bezos, Musk, Glenn, it’s, SpaceX’s, Lockheed Martin, , , Amazon, Rajeev Badyal, Kuiper, ” Badyal, Badyal Organizations: CNN, SpaceX, Amazon, SpaceX Falcon, United Launch Alliance, Boeing, Lockheed, , Cleveland Bakers, Teamsters, Fund Locations: ULA, European
The model, codenamed as “Olympus”, has 2 trillion parameters, the people said, which could make it one of the largest models being trained. OpenAI's GPT-4 model, one of the best models available, is reported to have one trillion parameters. As head scientist of artificial general intelligence (AGI) at Amazon, Prasad brought in researchers who had been working on Alexa AI and the Amazon science team to work on training models, uniting AI efforts across the company with dedicated resources. It has also partnered with AI model startups such as Anthropic and AI21 Labs, offering them to Amazon Web Services (AWS) users. Training bigger AI models is more expensive given the amount of computing power required.
Persons: OpenAI's, Rohit Prasad, Andy Jassy, Prasad, Krystal Hu, Gerry Doyle Organizations: Reuters, Alexa, AI21 Labs, Amazon Web Services, Amazon, Thomson Locations: San Francisco
Since Lina Khan became Federal Trade Commission chair in 2021, she’s taken on Meta, Microsoft, and Amazon, and that’s made her a lightning rod for controversy. WSJ breaks down the battles she’s picked and why she’s willing to lose. Photo illustration: Xingpei ShenAmazon .com executives discussed how its pricing policies had a “punitive aspect” on sellers, according to internal documents quoted in newly unredacted portions of the Federal Trade Commission’s monopoly lawsuit against the company. The commission also said Amazon knowingly raised the number of irrelevant ads on its website to boost profits and alleged that executives intentionally deleted internal messages to thwart the commission’s investigation of the company.
Persons: Lina Khan, she’s, that’s, Shen Organizations: Federal Trade Commission, Meta, Microsoft, Federal Trade
I was an Amazon software development manager for more than three years. I quit, leaving over $200,000 in unvested stock options on the table rather than return to office. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Instead, I started my new job, taking a $203,000 pay cut by forfeiting unvested stocks that I'd earned while working at Amazon. But, while they're remote-first, if they ever decided to implement an in-office work policy, I'd find a new gig.
Persons: , I'd, Brad Glasser, Glasser, We've, we'd, we've Organizations: Service, Amazon Locations: Amazon, Seattle, East Coast, New York
It has earned Amazon more than $1 billion from US households, newly unredacted portions of the suit allege. Public revelationsThe complaint’s newly unsealed portions, filed Thursday in Seattle federal court, uncover a wide range of previously non-public allegations. More than 70% of Amazon shoppers do not click past the first page of search results, according to the unsealed complaint. In another situation, Amazon allegedly took steps to promote its own, proprietary products — such as the Amazon Kindle tablet — as having been recommended by expert reviewers when the Amazon products had not earned such a recommendation. If the Amazon price went up, the competing retailers would increase their prices as well, according to the complaint.
Persons: Amazon’s, Jeff Bezos, Biden, , Tim Doyle, ” Doyle, , Nessie, David Zapolsky Organizations: Washington CNN, Federal Trade Commission, Amazon, FTC, Amazon Prime Locations: Seattle, Bezos
Washington CNN —An antitrust lawsuit from 17 states and the Federal Trade Commission this week against Amazon represents the US government’s biggest regulatory challenge yet against the e-commerce juggernaut. The landmark case targets Amazon’s retail platform, alleging that it’s harmed shoppers and sellers alike on a massive scale. Here are five of the biggest highlights and takeaways from the plaintiffs’ 172-page lawsuit. Just this month, the FTC added three Amazon officials to a separate consumer protection case dealing with Amazon Prime. Instead, the plaintiffs have to show that Amazon is part of a well-defined geographic and economic market that it dominates.
Persons: Lina Khan, Amazon, David Zapolsky, ” Khan, Khan, Douglas Farrar, ” Farrar, superstores, ” What’s, Jeff Bezos, , Organizations: Washington CNN, Federal Trade Commission, Amazon, US, Walmart, Target, eBay, Amazon Music, Bloomberg News, CNN, Amazon Prime, FTC Locations: Seattle, United States
Marketplace Pulse reported in February that Amazon sellers are paying as much as 50% of their revenue to Amazon in fees, a point that is echoed in the FTC's suit. "Amazon also recognizes that sellers believe 'that it has become more difficult over time to be profitable on Amazon,'" the FTC filing reads. According to the filing, Amazon's ads reach 96% of Americans between the ages of 25 and 54 each month. "According to an internal Amazon study, Amazon's sellers live 'in constant fear' of Amazon arbitrarily interfering with their ability to sell on Amazon, which 'put[s] their businesses and livelihoods at risk,'" the complaint reads. "When Amazon detects elsewhere online a product that is cheaper than a seller's offer for the same product on Amazon, Amazon punishes that seller," it reads.
Persons: David Zapolsky, Zapolsky, Nessie, Douglas Farrar Organizations: Federal Trade Commission, FTC, Marketplace, Amazon, Amazon Prime
FTC Names Three Amazon Executives in Suit Over Prime
  + stars: | 2023-09-20 | by ( Dana Mattioli | ) www.wsj.com   time to read: 1 min
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Persons: Dow Jones
An Amazon worker moves boxes on Amazon Prime Day in the East Village of New York City, July 11, 2023. The Federal Trade Commission on Wednesday updated its complaint against Amazon for its "deceptive" Prime sign-up and cancellation processes, adding three senior executives as defendants. Top Amazon executives overseeing Prime downplayed employee concerns about members of the popular subscription program being enrolled without their consent, the amended complaint alleges. Subscription services revenue, which includes Prime memberships, totaled $9.8 billion in Amazon's most recent quarterly earnings report. Amazon executives and employees met in 2018 about "Project Lucent," where the primary objective was to discuss "how many Prime signups [is] Amazon .
Persons: Russell Grandinetti, Jamil Ghani, Neil Lindsay, Grandinetti, Lindsay, Andy Jassy's, Ghani, Tim Doyle, Doyle, Mark Zuckerberg, Meta, Zuckerberg Organizations: Amazon, Federal Trade Commission, Top Amazon, Lucent, FTC Locations: East, New York City, Amazon's, Arlington , Virginia
Amazon and Shopify announced a new Buy with Prime app for Shopify on Wednesday. Buy with Prime let merchants offer Prime benefits, such as fast shipping and free delivery, on websites beyond Amazon.com. Amazon had no choice but to let Shopify merchants view Buy with Prime-related metrics on its own backend console, not within the unified Shopify Admin tool, according to the internal Amazon document from April. If Buy with Prime data wasn't smoothly integrated into Shopify Admin, Shopify merchants might not use the Amazon feature much. Constant delaysThe internal Amazon document described a Shopify-native Buy with Prime app as a "flagship" goal for Amazon's top leadership because it would make Buy with Prime more appealing to Shopify merchants.
Persons: Shopify, Santos Jeff Bezos Kevin Mazur, Jeff Bezos, Tobi Lütke David Fitzgerald, Sportsfile, Harley Finkelstein, Finkelstein, Mark William Lewis, Andy Jassy, they've Organizations: Amazon, Amazon.com, Prime, Project Santos, Getty, Amazon Logistics, Netalico Commerce, Web, Associated
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