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At Amazon, employees are taught that good leaders "are right, a lot." That doesn't mean your boss knows more than you do, or that their first ideas are always the best. Ironically, Jassy sees leaders get that concept "wrong" with some frequency, he said. An idea that comes from your boss isn't necessarily the best idea possible, he noted. "We're trying to get to the best possible answer for customers, whoever's idea it is," said Jassy.
Persons: , Andy Jassy, Jassy, isn't Organizations: Amazon
But Amazon, which has also spent four years opening Amazon Fresh stores and trying to build its grocery delivery business, hasn't been as disruptive to existing players like Walmart and Kroger as some feared it would be. To better serve the middle, Amazon could consider acquiring a grocery chain that already exists to boost its store network, Grewal said. Besides selling groceries, Amazon could use the stores to fill pick-up and delivery orders, much as they already do with Amazon Fresh and Whole Foods. AdvertisementOthers have also said that acquiring more stores could give Amazon the boost it needs to succeed in the grocery business. Do you work for Whole Foods, Amazon Fresh, or another part of Amazon's retail operations and have a story idea to share?
Persons: , hasn't, it's, Dhruv Grewal, Grewal, Bernstein, Andy Jassy, Jassy Organizations: Service, Foods, Walmart, Kroger, Business, Babson College, Amazon, Albertsons Locations: Seattle
London CNN —Amazon’s warehouses are especially dangerous for workers during the company’s annual Prime Day event, as well as the holiday season, according to an investigation by the US Senate. Prime Day, held on Tuesday and Wednesday this week, is “a major cause of injuries for the warehouse workers who make it possible,” said a report released Monday by Sen. Bernie Sanders, who chairs the Senate Committee on Health, Education, Labor and Pensions. But Amazon’s total injury rate, which includes injuries the company does not have to report to OSHA, was just under 45 per 100 workers, the report said. Amazon raked in $12.7 billion in sales on July 11 and 12 last year, its Prime Day 2023 event, and said July 11 was the single biggest sales day in the company’s history. When faced with worker injuries, Amazon provides minimal medical care.”Amazon holds Prime Day in July every year to juice sales numbers during what are typically slow summer months.
Persons: , Sen, Bernie Sanders, ” Kelly Nantel, we’ve, , Andy Jassy, Sanders Organizations: London CNN, Senate, Prime, Health, Education, Labor, Pensions, Occupational Safety, Health Administration, OSHA, Amazon, CNN
Read previewAmazon is now monitoring the hours corporate employees spend in the office. This move is intended to crack down on people who are trying to skirt the company's return-to-office policy, Business Insider has learned. Coffee badging refers to employees who badge in, get coffee, and leave the office shortly to satisfy their return-to-office mandate. 'Like high school students'Many Amazon employees shared their frustrations with the new mandate, the Slack messages showed. One person wrote that people will act like high-school students "if you treat employees like high school students."
Persons: , Slack, Andy Jassy, Margaret Callahan, haven't, Callahan, we're, Mike Blake, It's Organizations: Service, BI, Business, Amazon, Reuters, Owl Labs, WFH Research, Foods
The key to success is to never stop trying to learn new things, according to Amazon CEO Andy Jassy. "You have to be ravenous and hungry to find ways to learn," Jassy said last week in a video posted by Amazon about the company's famous list of 16 leadership principles, originally penned by founder Jeff Bezos. One of those principles, "Learn and Be Curious," says the best leaders "are never done learning and always seek to improve themselves." Jassy said he's seen that ability make the biggest difference between people who successfully grow their careers and those who remain "stagnant." Plus, sign up for CNBC Make It's newsletter to get tips and tricks for success at work, with money and in life.
Persons: Andy Jassy, Jassy, Jeff Bezos, he's, Aneesh Raman, Bezos, Julia Stewart, Stewart, I've, I'm Organizations: Amazon, CNBC
Amazon is a buy ahead of its annual Prime Day starting Tuesday — even as the stock has rallied hard this year. One potential catalyst for the stock is Amazon's annual Prime Day event and its ripple effects. JPMorgan, for one, said Prime Day will help Amazon "rationalize inventory levels" ahead of higher consumer demand in the second half of the year. They also said Prime Day should be a driver for Amazon's advertising business, particularly on Amazon Prime Video ad spend. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: Jim Cramer, Andy Jassy, Cramer, Jim Cramer's, Jim, Michael Kappeler Organizations: CNBC, Amazon, Shoppers, Adobe Analytics, JPMorgan, Bank of America, Amazon Prime, Getty Locations: Manhattan
Insider Today: Trump survives shooting
  + stars: | 2024-07-14 | by ( Matt Turner | ) www.businessinsider.com   time to read: +3 min
Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. The world is waking up in shock this morning after former President Trump survived a shooting at a rally in Pennsylvania. Steve Granitz/FilmMagic; iStock; Rebecca Zisser/BINot all self-driving cars are created equalTesla employees say they were told to prioritize data from self-driving cars belonging to Elon Musk and other VIPs. AdvertisementCompanies are using AI to mine users' data, in order to determine and charge the highest price you're willing to pay. Advertisement— Michael Guan, CEO and cofounder of Final Round AI, whose AI "magical teleprompter" can help people ace job interviews.
Persons: , Trump, Steve Granitz, Rebecca Zisser, Elon Musk, Tyler Le, Chelsea Jia feng, Andy Jassy, Mike Blake, Chelsea Jia Feng, Andy Jassy's, Jeff Bezos, Jassy, Michael Guan Organizations: Service, Business, Citi, Chelsea Locations: Pennsylvania
Read previewJeff Bezos commended Donald Trump after a rally shooting in Butler, Pennsylvania, on Saturday, breaking a nearly nine-month hiatus on X. So thankful for his safety and so sad for the victims and their families," the Bezos wrote on X. AdvertisementIn 2019, Trump mocked Bezos, calling him "Jeff Bozo," appearing to revel in his impending divorce with MacKenzie Scott. The former president also bashed The Washington Post, which Bezos owns. Glad that President Trump is safe and hoping he recovers quickly," Jassy wrote on X.
Persons: , Jeff Bezos, Donald Trump, Trump, Bezos, Jeff Bozo, revel, MacKenzie Scott, Andy Jassy, Jassy Organizations: Service, Business, Big Tech, Amazon, Washington Post, Amazon Washington, Department of Defense, Microsoft, Web Services, The Department of Defense, Trump Locations: Butler , Pennsylvania, Pennsylvania
An analyst said Amazon addressed investor concerns, focusing on profitability and free cash flow. AdvertisementBernstein analyst Mark Shmulik wrote a brutal open letter to Amazon CEO Andy Jassy last year expressing growing investor frustration with the company's spending. Now, after a little over a year, Shmulik said Amazon has addressed most investor concerns by making dramatic improvements across the company. "They made active decisions to focus on profitability and free cash flow expansion," Shmulik told Business Insider. This story is available exclusively to Business Insider subscribers.
Persons: Andy Jassy, , Bernstein, Mark Shmulik, Shmulik Organizations: Service, Business
In past years, media companies chased high subscriber numbers in an attempt to best each other. Nathaniel S. Butler | National Basketball Association | Getty ImagesWith the NBA's media rights negotiations still ongoing, sports will remain a topic of conversation at this year's gathering. League commissioners, especially the NFL's Roger Goodell, are often attendees of the Sun Valley conference. Discovery has been weighing whether to match a competing offer for the media rights as the league looks to finalize smaller package deals. Sports remain the glue holding the traditional pay-TV bundle together, and has proven invaluable for streaming services, too.
Persons: Drew Angerer, Discovery's David Zaslav, Bob Iger, Dana Walden, Alan Bergman, Josh D'Amaro, Hugh Johnston, Ted Sarandos, Greg Peters, Andy Jassy, Jeff Bezos, Tim Cook, it's, Shari Redstone, Neil Begley, Redstone, David A, Barry Diller —, Paramount —, Jeff Shell, Max, Jonathan Miller, Begley, Sun, Mark Boidman, Dwyane Wade, Nathaniel S, Butler, Roger Goodell, Miller, Donald Trump, Joe Biden, Andrew Harnik Organizations: Getty Images Media, titans, Allen, Co, Warner Bros, Netflix, Apple, Amusements, Paramount Global, Paramount, Moody's Investors Services, Co . Media, Technology Conference, Grogan, CNBC, Media, Shell, Disney, Hulu, ESPN, Fox Corp, Integrated Media, Hollywood, Solomon Partners, Sports, NBA, National Basketball Association, Getty, League, Sun, NFL, YouTube, Amazon Locations: Sun Valley , Idaho, Sun, Idaho, Atlanta
This person is one of over a dozen Amazon employees, investors, and analysts that BI interviewed to better understand Jassy's first 3 years as CEO. Andy Jassy replaced Jeff Bezos (pictured here) as Amazon's CEO in July 2021. In his first 3 years as CEO, Jassy has lost many senior staff. Amazon's spokesperson said the company has "strong retention and continuity" among senior leaders. Amazon's spokesperson said the company is making "huge investments" in AI across AWS and the retail business.
Persons: , Andy Jassy, Jeff Bezos, Jassy, Bezos, EMMANUEL DUNAND, Mark Shmulik, Bernstein, Bernstein's Shmulik, He's, Shmulik, Amazon's, That's, spokespeople, Jassy doesn't, Doug Herrington, Jay Carney, Dave Limp, Adam Selipsky, Dave Clark, Clark, Ted S, Babak Parviz, Parviz, Mark Mahaney, We're, Jeff Organizations: Service, Business, Amazon, Washington Post, BI, Warren, Echo, Microsoft, AWS Locations: Seattle
BofA called out the importance of Amazon's retail margin because it has generated more estimated outperformance than its cloud business Amazon Web Services (AWS). Add on same-day delivery, Jim asked, rhetorically, "Why would you go to the store on the way home when it's at your home." Fifty-one percent of respondents, a survey record, said they opted for Amazon's same-day delivery option. Based on these results, Evercore believes Prime same-day delivery is a "multiplier to purchase frequency and overall spend." The latest Wall Street analysis and thoughts from Jim support the idea of further room for Amazon stock to run higher.
Persons: BofA, Amazon's, Andy Jassy, Jassy, Jim, Evercore, Jim Cramer's, Jim Cramer, Michael M Organizations: U.S, Bank of America, United Parcel Service, FedEx, Web Services, Amazon, Walgreens, Logistics, Adobe Analytics, Club, CNBC, Santiago, Getty Locations: U.S, New York City
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
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. Amazon CEO, Andy Jassy speaking with CNBC's Jim Cramer on Mad Money in Seattle, WA.
Persons: Jim Cramer, Jim Cramer's, Jim, Andy Jassy, CNBC's Jim Cramer, Mad Organizations: CNBC, Apple, Netflix, Federal Reserve, Web Services, Micron, Jefferies, Walgreens, McCormick, Jim Cramer's Charitable, Amazon Locations: Seattle , WA
Read previewAmazon is working on an AI chatbot that competes directly with the OpenAI's ChatGPT, Business Insider has learned. The secret internal project is codenamed "Metis," likely in reference to the Greek goddess of wisdom. Metis is powered by an internal Amazon AI model called Olympus, another name inspired by Greek mythology. There are a lot of AI assistantsWith Metis, Amazon is joining an already crowded AI assistant market. Last month, Amazon even instructed some employees to help scrape GitHub's open-source data to speed up its AI model training process.
Persons: , It's, OpenAI, Andy Jassy, Jassy, Amazon's, Rohit Prasad, Vishal Sharma, it's Organizations: Service, BI, Business, Metis, Microsoft, Google, Amazon, Project Metis, Alexa Locations: Amazon's
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Now, China's tech bosses seem ready to do the same. AdvertisementChina is pushing tech workers even harderChinese tech companies seem willing to take Silicon Valley's efficiency mantra even further. Big names on China's tech scene, like JD.com and Jack Ma's Alibaba, have faced a threat from fast-growing newcomers like Pinduoduo, the sister company of online marketplace Temu. AdvertisementQu left Baidu after her comments were made public, but the ferocity of what China's tech workers are hearing isn't abating.
Persons: , Mark Zuckerberg, Andy Jassy, Meta's Mark Zuckerberg, Richard Liu, Liu, Jack Ma's Alibaba, Pinduoduo, Jack Ma, Wang, Ma's Alibaba, aren't, Qu Jing, Qu, Baidu, isn't Organizations: Service, Business, Financial Times, Bloomberg, China Labor Watch, Baidu Locations: China, Beijing
Amazon is secretly working on a ChatGPT killer
  + stars: | 2024-06-24 | by ( Eugene Kim | ) www.businessinsider.com   time to read: +6 min
Read previewAmazon is working on an AI chatbot to compete directly with OpenAI's ChatGPT, Business Insider has learned. The secret internal project is code-named "Metis," likely in reference to the Greek goddess of wisdom. Metis is powered by an internal Amazon AI model called Olympus, another name inspired by Greek mythology. There are a lot of AI assistantsWith Metis, Amazon is joining an already crowded AI-assistant market. Vishal Sharma, the vice president of artificial general intelligence, has direct oversight of Project Metis, one of the people said.
Persons: , OpenAI's, It's, OpenAI, Andy Jassy, Jassy, Amazon's, Rohit Prasad, Vishal Sharma, it's Organizations: Service, BI, Business, Metis, Microsoft, Google, Amazon, Project Metis, Alexa Locations: Metis, Amazon's
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewAmazon employees are roasting the company for apparently holding a private Foo Fighters concert for senior leaders after a tough couple of years of layoffs and cost-cutting, according to internal Slack messages viewed by Business Insider. However, a blog post from May 30 suggests the company brought the Foo Fighters — CEO Andy Jassy's favorite band — to a private event for director- and vice-president-level employees. Related storiesThe post and the Slack messages indicate the concert was part of an event called Ops Live for senior leaders in Amazon's global fulfillment network. Level 8, or L8, employees are among the most senior at the company.
Persons: , Andy Jassy's, Ashley Stewart Organizations: Service, Foo Fighters, Business, Amazon
Microsoft is likely to be unhappy when it discovers that its arch rival Amazon is leaning hard on GitHub for AI training data. "Our LLMs are trained on data from a variety of sources, including licensed and proprietary data, open-source datasets, and publicly available data where appropriate. It also said Amazon employees should create a "classic personal token," not a "fine-grained personal token," when signing up. Tech companies, hungry for even more training data, are also granting themselves new permissions to use a lot more of consumers' information. Though Amazon's legal team has approved the GitHub data scraping workaround, the move could put Amazon in a tricky position.
Persons: , Rohit Prasad NurPhoto, Rohit Prasad, Amazon, Amazon's, Andy Jassy, Prasad, Matthew Butterick, Joseph Saveri, Joseph Saveri's, Butterick, Copi­lot Organizations: Service, Business, General Intelligence Group, Amazon, Microsoft, Google, Meta, GitHub, News Corp, Tech, Alexa Locations: GitHub
It's "somebody who thinks they know the answer to absolutely everything," Buechel, the CEO of Amazon-owned grocery chain Whole Foods, tells CNBC Make It. Sticking to one way of doing things, or failing to consider other people's points of view, can significantly stunt your growth and hinder your company, he adds. His top red flag for employees hits close to home, he says: He hasn't always been the most adaptable person. "And I learned the hard way that you have to be flexible, especially in today's world. Adaptable bosses can consistently adjust to their new personnel, and adaptable employees can proactively find new ways to contribute.
Persons: Jason Buechel's, It's, Buechel, John Mackey, hasn't, Andy Jassy, Jassy, LinkedIn's, There's Organizations: Amazon, CNBC
Rainier...)," Larsen wrote in the email, referring to a snowcapped peak near Seattle, where Amazon is headquartered. Months later, Amazon struck a deal with Shopify that put Buy with Prime on the Shopify merchant marketplace, extending the tool's reach with sellers. Advertisement"When merchants push that metric to >75%, it'll be a good indication that we've found product-market fit," Larsen wrote. To use Buy with Prime, Amazon charges merchants a 3% Prime service fee in addition to fulfillment fees and payment processing fees. However, Piiparinen said the 3% service fee is less than the referral fees merchants pay when selling on Amazon.com.
Persons: , Craig Leslie, Leslie, It's, Peter Larsen, Andy Jassy, Larsen, Santos, Anders Piiparinen, who's, doesn't, Piiparinen, Amazon's, Smart, ZOA, GreatCircleUS.com, Madeline Stone Organizations: Service, Amazon, Business, Bean Coffee Company, Shoppers, Ekrin Athletics, BI, Prime Locations: . Rainier, ., Seattle, Piiparinen, mstone@businessinsider.com
"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
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
"It's very early days in generative AI," said Jassy, who succeeded Jeff Bezos as CEO in 2021. Davidson, told CNBC that Amazon was "caught flat-footed" by the generative AI boom. During a Q&A session on Wednesday, Jassy was asked twice about the status of Amazon's generative AI efforts. He said the company is "seeing a lot of momentum" in generative AI within AWS to where it's now a multibillion-dollar business based on annualized revenue. Amazon has previously said it intends to use generative AI to make Alexa more conversational.
Persons: Noah Berger, Andy Jassy, OpenAI's ChatGPT, Adam Selipsky, Jassy, Jeff Bezos, Matt Garman, Gil Luria, Davidson, Luria, Bezos, Selipsky, Casey McGee, McGee, Anthropic, Dario Amodei, OpenAI, it's, Garman, Amazon, wasn't, Dilip Kumar, Kumar, Swami Sivasubramanian, Jamie Meyers, Meyers, Matt, Jordan Novet, Kate Rooney Organizations: Web Services, Getty, Amazon, Microsoft, Google, D.A, CNBC, Amazon Web, Alexa, AWS, Nvidia, ChatGPT, Accenture, Toyota, Nasdaq, Investments Locations: Las Vegas, Vegas, Bezos, Anthropic
Amazon is upgrading its decade-old Alexa voice assistant with generative artificial intelligence and plans to charge a monthly subscription fee to offset the cost of the technology, according to people with knowledge of Amazon's plans. Amazon's subscription for Alexa will not be included in the $139 per year Prime offering, and Amazon has not yet nailed down the price point, one source said. The Alexa team worried they had invented an expensive alarm clock, weather machine and way to play Spotify music, one source said. When reached for comment, Amazon pointed to the company's annual shareholder letter released last month. It has undergone a massive reorganization, with much of the team shifting to the artificial general intelligence, or AGI, team, according to three sources.
Persons: OpenAI, Siri, Apple's, Scott Galloway, Alexa, Jeff Bezos, Andy Jassy, Jassy, Alexa didn't Organizations: Alexa, Google, Amazon, Gemini, iPhones, NYU, Spotify Locations: Seattle
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