Amazon Says Generative AI Is Now A 'Multibillion-Dollar' Revenue Run Rate Business: 'Strong Demand Signals, Longer Deals, Larger Commitments' To Fuel Capex Growth - Amazon.com (NASDAQ:AMZN)

Amazon.com Inc. has announced that its generative AI business has achieved a "multibillion-dollar" revenue run rate, as revealed during its Q1 2024 earnings call. The company's CEO, Andy Jassy, highlighted the strong demand and interest from customers using AI to enhance business operations and customer experiences.

The growth in Amazon's AI business is significantly boosting its cloud computing segment, AWS, which itself grew by 17% year-on-year in Q1 2024. Amazon CFO Brian Olsavsky noted the trend of longer deals and larger commitments involving generative AI, which is expected to further increase capital expenditures in the future.