Amazon provides $230 million in cloud credits to AI firms.

By talking magic fingers -

 Amazon  announced that it is investing $230 million in the form of Amazon Web Service (AWS) credits in artificial intelligence firms, the latest example of cloud providers attempting to attract AI clients in the early stages.

The credits will give early-stage generative AI startups free access to processing capacity, a variety of AI models, and infrastructure if they establish their businesses on AWS.
Amazon says it already provides $1 billion in cloud credits to startups each year, with the additional commitment focusing on generative AI businesses.

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"They'll be able to rapidly iterate and pivot as needed. Finally, when they hit that home run, they'll be able to double down and reach the scale with security, responsibility, and consistency," said Matt Wood, AWS's vice president of AI Products.
According to the firm, some of the credits will also benefit 80 early-stage companies around the world through the AWS Generative AI Accelerator program. Each startup accepted into the accelerator may receive up to $1 million in AWS credits.

It is typical for cloud providers, such as Microsoft Azure and Google Cloud, to give credits to entice corporations to use their services, as cloud expenses can add up for a company as its usage grows.
Earlier this year, Amazon increased its cloud credits to cover the usage of models from providers such as Anthropic, Meta-Mistral AI, and Cohere in an effort to increase the market share of its AI platform.
AI demand has increased the use of cloud services, contributing to the rapid expansion of cloud providers. For example, AWS's sales increased 17% to $9.42 billion in the first quarter, exceeding analyst projections. Regulators are also looking at tech giants' investments in AI companies due to antitrust concerns.

Howard Wright, AWS's worldwide president of startups who oversaw startup ties, recently left the business, according to people familiar with the situation. Amazon has declined to comment on the move.

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