Amazon unviels AI battle plan

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🚀 Amazon CEO Unveils Strategy Against Microsoft, Google in AI Battle

Amazon CEO Andy Jassy believes the company holds a competitive edge in the AI race against Microsoft and Google, through its custom chips and developer-focused services. Amazon Web Services (AWS) recently launched an AI service, Bedrock, which enables clients to develop their own chatbots and image-generation services. Additionally, AWS's AI-specific chips, Inferentia and Trainium, aim to facilitate the running of large AI language models in the cloud.

🚀 Despite Bleak Outlook, Zoom Expresses Strong Confidence in Asia-Pacific Growth

Zoom is doubling down on its investments in the Asia-Pacific region to boost growth, despite facing challenges in the post-pandemic era. Abe Smith, Zoom's Head of International, highlighted the company's optimism about the growth of its phone product in Asia-Pacific, which now constitutes 10% of its revenue. Zoom is also making substantial investments in AI, recently partnering with Anthropic, an AI safety and research company, and expanding Zoom IQ, an AI feature that summarizes chat threads and whiteboard sessions.

💔 Samsung's Q2 Profits Tumble Down 96% Amid Memory Chip Slump

Samsung Electronics anticipates a 96% profit plunge in Q2 2023, marking its lowest quarterly profit since Q1 2009, due to weak demand for memory chips. The company estimates operating profit to be 600 billion Korean won ($459 million), a sharp decrease from 14.1 trillion won in Q2 2022. Samsung, which announced a significant memory chip production cut in April, expects chip prices to rebound by the end of 2023 or early 2024.

💰 Meta Stock Set for Surge on the Back of Twitter Rival, Threads

Following the launch of Meta's Twitter rival Threads, multiple analysts upgraded their outlook for Meta's stock, suggesting a potential $150 billion increase in market valuation. CFRA analyst Angelo Zino upgraded his price target for Meta from $300 to $350, foreseeing success in the text-based social media space. Despite Threads currently having no revenue prospects, it could bring in up to $6.7 billion in revenue if it attracts a significant number of Twitter users.

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