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Within two months of ChatGPT's launch, the groundbreaking chatbot amassed 100 million users, wowing investors, consumers and Wall Street with its ability to compose human-like text and hold a conversation. A year later, Wall Street hasn't stopped obsessing over it. Megacap technology stocks also prospered amid the newfound investor focus on AI. MSFT 1Y mountain Microsoft shares over the last year Rounding out the megacap list, both Meta Platforms and Amazon have rallied more than 177% and 51%, respectively. Salesforce shares surged more than 9% during Thursday's session on the back of a stronger-than-expected quarterly print .
Persons: , hasn't, Alphabet, Mark Zuckerberg, Andy Jassy, Salesforce, Brent Thill, CNBC's, Snowflake's, ChatGPT, Brad Gerstner Organizations: Federal, Nvidia, Devices, Marvell Technology, Microsoft, OpenAI, Meta, Amazon, CNBC, Semiconductor, Oracle, Jefferies, Technologies Locations: Salesforce
Amazon’s space dreams deserve to be grounded
  + stars: | 2023-12-01 | by ( Robert Cyran | )   time to read: +4 min
Founder, Chairman, CEO and President of Amazon Jeff Bezos unveils his space company Blue Origin's space exploration lunar lander rocket called Blue Moon during an unveiling event in Washington, U.S., May 9, 2019. REUTERS/Clodagh Kilcoyne - RC153E11B8F0 Acquire Licensing RightsNEW YORK, Oct 16 (Reuters Breakingviews) -’s (AMZN.O) Project Kuiper is a misguided technological marvel. A recent U.S. government report warned that space junk from currently planned networks could start regularly falling back to Earth by 2035. Facing an uncertain payoff and the possibility that its efforts will burn up on reentry, Amazon’s best move is bowing out of a futile space race. The $1.3 trillion technology company plans to eventually launch over 3,200 satellites into low-earth orbit to provide high-speed internet globally.
Persons: Amazon Jeff Bezos, Clodagh, Jeff Bezos, SpaceX’s, Andy Jassy, Bill Gates, SpaceX honcho Elon Musk, OneWeb, Jonathan Guilford, Sharon Lam, Aditya Sriwatsav Organizations: Amazon, REUTERS, Reuters, SpaceX, Reuters Graphics Reuters, Kuiper, Eutelsat Communications, Origin, Thomson Locations: Washington , U.S, Bezos, China
For Amazon, AWS is more important than ever. Targets missedAWS is falling short of reaching sales goals in its startups and small-business segments, two employees told BI. Burnout and attritionSeveral AWS employees also pointed to high turnover as a major point of concern. AWS employees told BI it still remains to be seen how all these changes will manifest in the months to come. "The most significant single sentiment we feel is uncertainty," one of the AWS employees told BI.
Persons: Matt Garman, Garman, Mark Shmulik, Bernstein, Rob Munoz, Munoz, Charlie Bell, Rachel Thornton, Chris Vonderhaar, Peter DeSantis, DeSantis, Andy Jassy Mike Blake, AWS's, Prasad Kalyanaraman, Kalyanaraman, Amazon's, Bard, Adam Selipsky, Adam Selipsky Noah Berger, Selipsky, Andy Jassy, Jeff Bezos, Jassy, Geekwire Organizations: Amazon Web, AWS, Business, Amazon, SMB, Enterprise, Reuters, Microsoft, Google, BI Locations: Las Vegas, AMZN's, billings
It gives us another reason to be confident in the firm's retail business as the holiday online shopping season gets off to a strong start this year. Postal Service remains the largest parcel service by volume, handling packages for its customers as well as all three delivery companies. "People shop every day on Amazon," Jim added. The company's speedy, same-day delivery service is a huge value proposition of the Prime membership — made possible, in part, by Amazon's push to become the U.S. package delivery company in the U.S. The Amazon Prime logo is displayed on the side of an Amazon delivery truck in Richmond, California, June 21, 2023.
Persons: Andy Jassy, Jim Cramer, they've, Jim, Goldman Sachs, Goldman, we've, , Amazon, Jim Cramer's, Justin Sullivan Organizations: Wall, Amazon, United Parcel Service, Journal, FedEx, U.S . Postal Service, Insider Intelligence, Adobe, Mastercard, National Retail Federation, CNBC Locations: U.S, Richmond , California
Deep discounts are driving a strong start to holiday online spending, according to new data from Adobe Analytics. While measuring online holiday spending, the report's emphasis on bargain-driven sales signals that shoppers at brick-and-mortar locations would feel the same way. So far in November Online sales for apparel were up 22% this month compared to daily average sales in October, according to Adobe data. On Black Friday, the big shopping day after Thanksgiving, online spending alone is seen rising 5.7% to $9.6 billion. People carry shopping bags as they visit a department store during the holiday season in New York City.
Persons: Adobe's, Morgan Stanley, bode, TJX, Goldman Sachs, Andy Jassy, we're, Jassy, Jim Cramer's, Jim Cramer, Jim, Eduardo Munoz Organizations: Adobe Analytics, Club, Adobe, Bank of America, Apparel, TJX, Amazon, Amazon Web Services, CNBC Locations: Maxx, New York City
"I am very proud of what this organization has already delivered for Alexa and AGI," Prasad added. Amazon's AGI team wasn't launched in response to this drama. The change also follows last week's job cuts within the AGI team, as BI previously reported . The cuts were part of a broader layoff that primarily affected Amazon's Alexa team. These are the six new teams formed within the AGI unit, as per the internal email:• AGI Product: defines AGI services and engages with internal customer teams to ensure end-to-end success.
Persons: Amazon's, Rohit Prasad, Prasad, Sam Altman, that's, Altman wasn't, didn't, wasn't, Andy Jassy, AGI, It's, Organizations: Alexa, Devices, Business, Microsoft, Google, AGI, Amazon, TV
NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . OpenAI, the hottest startup in the world thanks to its chatbot ChatGPT, fired Altman on Friday afternoon. AdvertisementBut according to reports over the weekend, OpenAI investors were scrambling to reinstate Altman before today's opening bell. Advertisement"The board no longer has confidence in his ability to continue leading OpenAI," the post went on to say.
Persons: , Michaels, Sam Altman's, Sam Richard A, Sam Altman, OpenAI, Altman, Greg Brockman, Satya Nadella, It's, Mira Murati, Emmett Shear, Ilya Sutskever, Alistair Barr, Altman wasn't, Alistair, Larry Fink, Fink, Arnd Wiegmann, Warren Buffett, Berkshire Hathaway, Lee Munson, there's, Andy Jassy, Anna Kim, Joe Biden, Harry Truman, Robert F, Kennedy, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Hobby, OpenAI, Microsoft, Altman, BlackRock, Reuters, Berkshire, Wealth, Web, Associated, Turkey, Getty, Wars Locations: OpenAI, BlackRock, Turkey, New York City, San Diego, London, New York
Amazon is dialing up the pressure on corporate employees who haven't complied with the company's return-to-office mandate. Staffers who don't adhere to the policy, which requires employees to be in the office at least three days a week, may not get promoted, according to posts on Amazon's internal website that were viewed by CNBC. A separate post on Amazon's internal career platform for employees says, "In accordance with Amazon's overall approach to promotions, employees are expected to work from their office 3+ days/week if that is the requirement of their role." "Promotions are one of the many ways we support employees' growth and development, and there are a variety of factors we consider when determining an employee's readiness for the next level," Glasser told CNBC. "Like any company, we expect employees who are being considered for promotion to be in compliance with company guidelines and policies."
Persons: Andy Jassy, haven't, Brad Glasser, Glasser Organizations: Amazon.Com Inc, CNBC, Business, Amazon Locations: Seattle , Washington , U.S
Amazon on Friday began laying off "several hundred" people in its Alexa division as part of broader belt-tightening across the company that's been underway since last year, the company confirmed. Amazon didn't specify which Alexa initiatives it's winding down as a result of the move. Amazon previously cut employees in its devices and services division, which includes Alexa. Alexa and digital assistants like it were once ground-breaking technology, but they face increasing competition from generative AI and chatbots like OpenAI's ChatGPT. In September, Amazon teased updates to Alexa that are tied to generative AI, such as composing messages on behalf of users.
Persons: Daniel Rausch, Rausch, Andy Jassy, Jeff Bezos, Amazon, Dave Limp, Limp, Panos Panay Organizations: Alexa, Fire TV, Amazon, Echo Locations: U.S, Canada, India
Amazon's Alexa business is laying off "several hundred" employees, including those on its recently launched artificial general intelligence team, Business Insider has learned. Rohit Prasad, SVP of the Artificial General Intelligence team, followed up with a separate email, saying his team, which launched in July, would be impacted as well. "While this was a hard decision to make, we remain very optimistic about the future of Alexa," an Amazon spokesperson told BI. The move continues to impact Amazon's Alexa unit, which has suffered from slow growth and low morale in recent years. The move continues to impact Amazon's Alexa unit, which has suffered from slow growth and low morale in recent years.
Persons: Amazon's, Daniel Rausch, it's, Rausch, Rohit Prasad, Prasad, Geekwire, Dave Limp, Alexa, Panos Paney, OpenAI's ChatGPT, Andy Jassy, Eugene Kim Organizations: Alexa, Business, Fire, BI, Artificial General Intelligence, Amazon, Microsoft
New York CNN —Amazon is once again doubling down on its return-to-office mandate, warning staff that not complying with it could impact their chances of being promoted. There are a “variety of factors we consider when determining an employee’s readiness for the next level,” Brad Glasser, an Amazon spokesperson, told CNN in a statement. Like much of the broader business world, Amazon has faced some employee resistance to this mandate. In August, meanwhile, Amazon sent a warning email to some of its office workers that said it believed they were not complying with its return-to-office policies. The company said it has a remote work exception request policy in place, which is considered on a case-by-case basis.
Persons: don’t, ” Brad Glasser, ” Glasser, Andy Jassy, ” Jassy, Amazon Organizations: New, New York CNN, Employees, CNN, Amazon, , Seattle Locations: New York
Amazon next year will allow auto dealers to sell cars through its site, starting with South Korean automaker Hyundai, the company said Thursday. Beginning in 2024, Amazon will let shoppers purchase a new car online, then pick it up or have it delivered by their local dealership. Amazon CEO Andy Jassy said the partnership with Hyundai will change "the ease with which customers can buy vehicles online." Shares of used car dealers such as Carmax and Carvana as well as the country's largest publicly traded new car dealers Lithia Motors and AutoNation fell following the announcement. Tesla and other electric vehicle startups such as Rivian have developed workarounds in many states to sell vehicles directly online to consumers.
Persons: Andy Jassy, Alexa, AutoNation Organizations: Amazon, South, Hyundai, Consumers, Lithia Motors, CNBC PRO Locations: Amazon, Michigan
Amazon is continuing to lose market share to Walmart in the online grocery space, per new data. Amazon has spent 2023 reevaluating its grocery strategy, particularly for its Amazon Fresh stores. AdvertisementAfter years of trying to get shoppers to order groceries online, Amazon is still losing ground to Walmart. Walmart's grocery sales online have eclipsed Amazon's by increasingly wide margins since 2019, according to data from Insider Intelligence. By the end of 2024, Walmart will have 26.9% of online grocery sales, while Amazon will have just 18.5%, according to the data.
Persons: , Brian Lau, Andy Jassy, Amazon, Lau Organizations: Walmart, Intelligence, Amazon, Service, Insider Intelligence, Business, Insider Inc, Whole Foods, Axios, Foods, Bloomberg Businessweek, Bloomberg
Amazon cuts more than 180 jobs in gaming division
  + stars: | 2023-11-13 | by ( Ashley Capoot | )   time to read: +2 min
Amazon on Monday announced it will cut more than 180 jobs in its Amazon Games division as it refocuses its efforts on Prime Gaming, according to an internal company memo viewed by CNBC. The company will close its Game Growth and Crown Channel initiatives as part of the restructuring. Now, Amazon will focus on upcoming launches such as "Throne and Liberty" and "Blue Protocol," as well as future initiatives such as "Tomb Raider" and "The Lord of the Rings" games, Christoph Hartmann, vice president of Amazon Games, wrote in the memo to employees. The latest job cuts at Amazon come as CEO Andy Jassy has been in cost-cutting mode over the past year as the company has battled high interest rates and inflation. As a result, Amazon has carried out the largest layoffs in its history, cutting 27,000 jobs since last fall.
Persons: Christoph Hartmann, Hartmann, Andy Jassy, Jassy, , Annie Palmer Organizations: Amazon Games, Prime Gaming, CNBC, Crown, Amazon, CNBC PRO
Peters now oversees Amazon Fresh and reports to ex-Tesco executive Tony Hoggett, who leads Amazon's physical stores business. Shoppers check out the sale items as they wait in line for the new Amazon Fresh store to open on E. Colorado Blvd in Pasadena, CA Thursday, September 15, 2022. In addition to the Woodland Hills Fresh store, Amazon reopened locations in nearby Pasadena and Irvine this week, after redesigning two Chicago-area Fresh stores in August. Amazon Fresh store in Los Angeles neighborhood of Woodland Hills Annie Palmer'Where's the butter located?' On Thursday, Amazon said it's opening the Fresh grocery delivery service to everyone in the U.S., after trials in a handful of cities.
Persons: Annie Palmer, Andy Jassy, Claire Peters, Peters, Tony Hoggett, Dilip Kumar, Stephenie Landry, Jeff Bezos, Amazon, Honey Grahams Organizations: Amazon, Woolworths, Amazon Fresh, Tesco, CNBC, Walmart, . Colorado, Medianews, los Angeles Daily, Getty, Citibank, Amazon Web, Woodland, Foods, Alexa Locations: Los Angeles, Woodland, ., Pasadena , CA, Woodland Hills, Amazon, Pasadena, Irvine, Chicago, U.S
Amazon Prime members just got cheaper healthcare
  + stars: | 2023-11-09 | by ( Tom Carter | )   time to read: +3 min
Amazon has announced that Prime subscribers will get $100 off membership of its healthcare service. AdvertisementAdvertisementAmazon has rolled out a new perk for Prime members: cheaper healthcare. The company has announced that customers who pay for Amazon Prime will now be able to get $100 off access to its One Medical healthcare service. Membership of One Medical, which usually costs $199 annually, will be available to Prime members for $99 a year. The new benefits, which started on Wednesday, allow Prime members to access 24/7 virtual care with One Medical.
Persons: , Amazon, Andy Jassy Organizations: Amazon, Service, Amazon Prime, Healthcare
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
Nov 7 (Reuters) -'s (AMZN.O) top lawyer on Tuesday previewed the broad outlines of the company's possible defense against the U.S. Federal Trade Commission's antitrust lawsuit against the retailer, at a private companywide meeting. The lawsuit, which was joined by 17 state attorneys general, was filed in federal court in Seattle and follows a four-year investigation into the company's practices. The FTC takes "issue with us refusing to show prices that are higher than our biggest competitors," Zapolsky said on Tuesday, according to the transcript. "It’s not that we don’t let customers sell at these prices, we just don’t feature that product at that price." Amazon has said it disagrees with the FTC and would defend itself in court.
Persons: David Zapolsky, Taylor Swift, Zapolsky, Andy Jassy, Ty Rogers, Greg Bensinger, Kenneth Li, Matthew Lewis, Leslie Adler Organizations: U.S . Federal Trade, Reuters, Amazon, U.S . Federal Trade Commission, Big Tech, FTC, Thomson Locations: Seattle, San Francisco
Amazon is working on a new AI model that could challenge the likes of ChatGPT and Bard. The new model, which is codenamed "Olympus," is reportedly twice the size of OpenAI's GPT-4. Amazon is doubling down on AI, investing $4 billion in Anthropic and unveiling an AI-powered Alexa. AdvertisementAdvertisementAmazon is building a new AI model codenamed "Olympus" as it seeks to catch up with rivals OpenAI and Google. Amazon reportedly delayed the launch of another AI model Titan, last yea r due to technical issues and the launch of ChatGPT, which executives felt was far superior to Amazon's offering.
Persons: ChatGPT, Bard, , Andy Jassy Organizations: Service, OpenAI, Google, Reuters, Amazon, Alexa Locations: Anthropic
Amazon (AMZN) said on Wednesday that it's offering Prime members a discount on its new health-care service — another perk that should help bring more people into the online retailer's ecosystem. It provides members unlimited 24/7 access to virtual care as well as in-person, and remote primary care services. Prime members can add up to five people from their family to the One Medical plan for an additional $6 a month. Amazon offering a discounted subscription to One Medical's services is part of the company's efforts to expand the broader Prime flywheel by leveraging its 167 million Prime members. The goal of the Amazon Prime membership is to provide people with "one simple membership, something that provides shopping, savings, streaming and now positive health outcomes, said Jamil Ghani, SVP of Amazon Prime in a CNBC interview Wednesday.
Persons: Jeff Marks, It's, Tom Forte, Forte, Andy Jassy, Davidson, there's, Jamil Ghani, Jim Cramer's, Jim Cramer, Jim, John Love, Jason Redmond Organizations: Amazon, D.A, Amazon Web Services, Amazon Pharmacy, Amazon Prime, CNBC, Robotics Research, AFP, Getty Locations: Davidson, Sumner , Washington
The fight over return-to-office is getting dirty
  + stars: | 2023-11-07 | by ( Ed Zitron | )   time to read: +13 min
Evidence is as evidence doesAs the return-to-office battle has heated up in the past six months, there has been a marked increase in declarations that remote work is less productive. The researchers determined that remote workers were 18% less productive than their in-person counterparts. Just the vibesDespite the limited evidence against it, corporations are increasingly trying to kill remote work. That's what makes the move to kill off remote work so frustrating. It's not clear that the return-to-office move is about making workers more productive or building a better culture.
Persons: it's, Mike Hopkins, they're, India —, Nicholas Bloom, who's, David Baszucki's, Geico, Amazon's Andy Jassy, Geico's Todd Combs, there's, Safra, Larry Ellison, wrongheaded, galvanizing sycophants, Ed Zitron Organizations: Amazon, Amazon Studios, National Bureau of Economic Research, Journalists, Stanford, Meta, , Writers Guild of America, SAG, United Auto Workers Locations: India
Nov 7 (Reuters) -'s (AMZN.O) top lawyer on Tuesday previewed the broad outlines of the company's possible defense against the U.S. Federal Trade Commission's antitrust lawsuit against the retailer, at a private companywide meeting. The lawsuit, which was joined by 17 state attorneys general, was filed in federal court in Seattle and follows a four-year investigation into the company's practices. The agency asked the court to issue a permanent injunction ordering Amazon to stop what it called unlawful conduct. Amazon has said it disagrees with the FTC and would defend itself in court. "The whole complaint is based on a very constrained and manufactured view that Amazon is a monopoly," said Zapolsky.
Persons: David Zapolsky, Taylor Swift, Zapolsky, Andy Jassy, Ty Rogers, Greg Bensinger, Kenneth Li, Matthew Lewis Organizations: U.S . Federal Trade, Reuters, Amazon, U.S . Federal Trade Commission, Big Tech, FTC, Thomson Locations: Seattle, San Francisco
Jeff Bezos, who founded Amazon out of his Seattle garage in 1994, is leaving the city and moving to Miami to be near his parents and his space company Blue Origin. It was there that Bezos in 1995 launched Amazon as an online bookseller, before transforming the company into a retail and cloud computing giant. "I've lived in Seattle longer than I've lived anywhere else and have so many amazing memories here," Bezos wrote. Amazon's rapid growth reshaped Seattle, particularly its South Lake Union area, where the company's headquarters sits. Bezos recently spent $150 million for two adjoining properties in Miami's Indian Creek Village, often referred to as the "billionaire bunker."
Persons: Jeff Bezos, Bezos, I've, Andy Jassy, Temu Organizations: Seattle, Origin, Amazon, Earth Fund, Washington Post Locations: Miami, Seattle, Bellevue , Washington, South Lake Union
Holiday sales growth is expected to be sluggish this year as shoppers continue to get squeezed by sticky inflation. "Shoppers are setting strict budgets for their holiday shopping," BofA said in a recent note. And, on Wednesday evening, the company said October net sales rose 4.5% year-over-year to $18.53 billion, continuing a streak of monthly sales growth. TJX YTD mountain TJX Companies YTD TAG expects holiday sales at off-pricers to grow 6% year over year, which would be faster than last year's 4.3% increase. Black Friday and Cyber Monday will remain popular holiday shopping events, the analysts anticipate, as more shoppers spread out their holiday purchases.
Persons: BofA, discounters, Andy Jassy, Jim Cramer's, Jim Cramer, Jim, Eduardo Munoz Organizations: Club, Bank of America, Shoppers, Starbucks, Costco, TJX Companies, BofA, China comps, comps, TJX, Marshalls, TAG, Amazon, Deal, CNBC, People Locations: China, China comps ., Maxx, HomeGoods, U.S, Canada, New York City
AMZN YTD mountain Amazon (AMZN) year-to-date performance Shares of Amazon (AMZN) climbed 4.7% throughout October on the company's better-than-expected third-quarter results . PANW YTD mountain Palo Alto Networks (PANW) year-to-date performance Shares of Palo Alto Networks (PANW) rose 3.7% last month. LLY YTD mountain Eli Lilly (LLY) year-to-date performance Eli Lilly (LLY) stock climbed 3.1% in October after a weak September performance. LIN YTD mountain Linde (LIN) year-to-date performance Shares of Linde (LIN) rebounded on the company's stellar quarterly earnings release last week. CTRA YTD mountain Coterra (CTRA) year-to-date performance Coterra Energy (CTRA) notched gains of 1.7% in October.
Persons: Locker, we're, Foot Locker's, Foot Locker, Andy Jassy, Eli Lilly, LLY, Decker, Stanley Black, Jim Cramer's, Jim Cramer, Jim, Brendan Mcdermid Organizations: Nike, Club, Humana, Microsoft, Big Tech, Amazon, Services, Palo Alto Networks, Alto, Procter & Gamble, Procter, Gamble, LIN, Linde, The, Hamas, CNBC, Traders, New York Stock Exchange Locations: , Palo, Lilly's, Israel, Palestinian Territories, New York City, U.S
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