🛍️ Amazon's AI Platform: Corporate Customers Rejoice

📝 Update 2023-04-14

Headlines for today’s Business Edge update.

• 🐘 Big Tech

  • Apple Card Savings Account Likely Set to Launch on April 17

  • Amazon CEO Andy Jassy Maintains Return to Office Stance Despite Delays in Office Readiness

• 📈 Startups and technology

  • Twitter Partners with eToro, Moves Closer to Elon Musk's 'Everything App' Dream

  • Spotify Introduces Tool to Convert Broadcasts into Podcasts with Ease

• 🤖 AI

  • Amazon Launches AI Platform for Corporate Customers

  • Bessemer Cloud Report Highlights AI Revolution in Tech Sector

  • Adobe Unveils AI-Powered Text-Based Video Editing for Premiere Pro

  • How to Invest in the Future of Generative AI

  • AI Used by Uber and Amazon Results in Algorithmic Wage Discrimination, Study Finds

  • Infosys Integrates Generative AI into Projects, Partners with Open-Source and Proprietary Vendors

• 💵 Fintech

  • Affirm and Stripe Partnership Expands to Boost Canadian Merchants' Revenue

• 💰 Venture Capital and M&A

  • HSBC Hires Over 40 Former SVB Employees to Create U.S. Startup Practice

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🐘 Big Tech

The Big Tech companies that move the market, FANG, and more.

Apple Card Savings Account Likely Set to Launch on April 17

Apple is expected to launch its Apple Card Savings account feature on April 17, according to backend code discovered by @aaronp613. The feature, available to Apple Card users, will allow them to open a high-yield savings account with Goldman Sachs via the Wallet app on their iPhone. Users can earn interest on their Daily Cash balance, deposit funds from linked bank accounts, and withdraw funds without fees. The launch follows Apple's recent introduction of the "buy now, pay later" service, Apple Pay Later.

Amazon CEO Andy Jassy Maintains Return to Office Stance Despite Delays in Office Readiness

Amazon CEO Andy Jassy is insisting on a return to office mandate, requiring employees to be in the office for at least three days a week starting from May. However, leaked internal documents reveal that some corporate sites won't be ready for staff until September. The return to office policy has been met with mixed reactions from employees, with both remote work and pro-office advocacy groups forming within the company.

📈 Startups and technology

The latest from the world of startups and technology companies.

Twitter Partners with eToro, Moves Closer to Elon Musk's 'Everything App' Dream

Twitter has teamed up with brokerage firm eToro to allow users to trade stocks and other assets, including cryptocurrencies, marking a step towards turning Twitter into an "everything app," as envisioned by CEO Elon Musk. The partnership will expand the range of financial assets that can be viewed on the platform, and users will be redirected to eToro's site to trade stocks, cryptocurrencies, and index funds. This move follows Musk's recent merger of Twitter under X Corp and filing for regulatory licenses for in-app payments.

Spotify Introduces Tool to Convert Broadcasts into Podcasts with Ease

Spotify has launched a new tool that enables users to automatically create podcast episodes from existing broadcasts, simplifying the conversion process. Powered by technology from Whooshkaa, the tool will be accessible to users of Megaphone, Spotify's podcasting platform for businesses. The move aims to help radio publishers reach new audiences, particularly Gen Z listeners who prefer digital mediums such as podcasts, and expand the selection of podcasts available on Spotify.

🤖 AI

Keeping you updated on the latest in AI.

Amazon Launches AI Platform for Corporate Customers

Amazon has announced the launch of Amazon Bedrock, a generative AI service for corporate clients looking to incorporate AI into their businesses. Offered through Amazon Web Services (AWS), Bedrock provides tools for companies to build and grow their own AI applications tailored to their needs. Bedrock includes two Amazon-designed large language models, Titan Text, a chatbot for creating text, and Titan Embeddings, which assists with search personalization. Additionally, it features models from AI21, Google-backed Anthropic, and Stability AI. Amazon aims to democratize access to AI development by providing a secure online service, enabling companies to create their applications more efficiently and affordably than competitors. Amazon's strategy is distinct from Microsoft, Google, and Alibaba, which have focused on consumer-facing AI services.

💎 PRO Amazon's decision to focus on the corporate side with generative AI through AWS, as demonstrated by the launch of Amazon Bedrock, is a strategic move that capitalizes on the company's strengths. Unlike Google and Microsoft, which have directed their efforts towards consumer-facing AI services, Amazon leverages its robust cloud infrastructure and vast experience with enterprise clients.

One of the key advantages of this approach is Amazon's existing AWS customer base. By offering Bedrock as an extension of their AWS services, Amazon can seamlessly integrate AI solutions into the workflows of countless businesses already relying on AWS. This creates a natural entry point for clients looking to harness the power of AI.

Furthermore, Amazon's focus on providing tailored AI applications to corporate clients addresses the growing demand for custom solutions in various industries. With Titan Text, Titan Embeddings, and models from AI21, Anthropic, and Stability AI, Bedrock empowers businesses to develop AI applications specifically designed to meet their unique needs.

By democratizing access to AI development and offering a secure online service, Amazon enables companies to create AI applications more efficiently and affordably. This approach not only strengthens Amazon's position in the corporate AI market but also distinguishes it from competitors like Microsoft, Google, and Alibaba. Ultimately, Amazon's emphasis on corporate AI through AWS allows the company to leverage its strengths, capture a significant market share, and solidify its presence in the rapidly evolving AI landscape.

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Bessemer Cloud Report Highlights AI Revolution in Tech Sector

The latest Bessemer Cloud report reveals that AI is poised to transform the tech sector, with 96% of Bessemer investors seeing AI-driven features in portfolio companies' roadmaps. The report identifies sales, HR, legal, infrastructure, and supply chain software as areas impacted by AI. Despite public cloud companies' downturn, private cloud companies with $100 million in revenue are growing. The report also predicts that AI-leading firms will reach a billion in revenue 50% faster than cloud companies.

Adobe Unveils AI-Powered Text-Based Video Editing for Premiere Pro

Adobe has announced new versions of its video applications, including an upgraded Premiere Pro with AI-powered text-based video editing aimed at simplifying tasks for professionals and creators. Revealed ahead of the NAB Show 2023 in Las Vegas, the update includes automated tone-mapping capabilities and numerous improvements to address user requests. The company also celebrates 30 years of After Effects and expands Frame.io's video collaboration platform to include photography and PDF documents.

How to Invest in the Future of Generative AI

Investors can engage with the generative AI trend by focusing on five innovation themes: automation, content creation, personalization, generative design, and platforms and solutions. A list of 35 global companies is linked to these themes, with a combined AUM of around $15 billion in funds. The generative AI market is predicted to reach $42.6 billion by 2023 and exceed $98.1 billion by 2026, driven by affordability, speed, and accessibility.

AI Used by Uber and Amazon Results in Algorithmic Wage Discrimination, Study Finds

A new study by Veena Dubal, a law professor at the University of California Hastings, found that companies like Uber and Amazon use AI to pay workers different wages for the same work. Based on six years of research involving interviews and observations with Uber and Lyft drivers, Dubal coined the term "algorithmic wage discrimination" to describe how these companies use AI algorithms to calculate personalized variable pay rates that incentivize desired behaviors. The study raises concerns about the potential for such practices to become widespread across various industries as AI adoption increases.

Infosys Integrates Generative AI into Projects, Partners with Open-Source and Proprietary Vendors

Infosys is embracing Generative AI, with CEO Salil Parekh revealing that they are working with various open-source and proprietary vendors to integrate the technology into their projects. Infosys is focusing on large models within client organizations and exploring how Generative AI can improve efficiency. The company is also developing its own software tools on open-source Generative AI platforms and training them on its software development libraries.

 💵 Fintech

What is up in the world of Fintech?

Affirm and Stripe Partnership Expands to Boost Canadian Merchants' Revenue

Affirm has expanded its relationship with Stripe, making its Adaptive Checkout™ available to eligible Canadian Stripe users. The partnership allows merchants and platforms to add pay-over-time options to their checkout experience, providing consumers with greater flexibility and choice in selecting custom payment plans. This move is expected to increase sales and conversion rates for Canadian businesses using Stripe.

💰 Venture Capital and M&A

Follow the market trends in Venture Capital and the latest tech M&A.

HSBC Hires Over 40 Former SVB Employees to Create U.S. Startup Practice

HSBC has hired more than 40 former Silicon Valley Bank (SVB) employees to establish a practice focused on healthcare startups and venture capital funds in the U.S. This move follows HSBC's acquisition of SVB's UK subsidiary for £1 last month. The new team, including four former SVB practice leaders, will support companies at every stage of growth, aiming to become the bank of choice for entrepreneurs.