PYMNTS.com November 5, 2023
The world’s cloud computing giants are reportedly upping spending as generative artificial intelligence (AI) takes off.
Capital spending by Google, Amazon and Microsoft jumped to a combined $42 billion for the three months up to September, the Financial Times (FT) reported Sunday (Nov. 5). That figure marks a 10% increase from the prior quarter, with analysts projecting cloud-related spending to increase further in 2024.
As the report notes, executives from the three tech giants have said recently that large amounts of the capital budgets are being earmarked for generative AI systems that need vast amounts of computing and data power.
Amazon CEO Andy Jassy has projected that generative AI will drive “tens of billions in revenues.”
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