The reported AI restructuring follows layoffs in Amazon's AGI organization and the closure of its AGI Lab last week.
The new initiative is reportedly led by Pieter Abbeel and is expected to produce a flagship model that could debut at Amazon's re:Invent conference later this year.
Evercore ISI reiterated an 'Outperform' rating and a $315 price target, saying second-quarter revenue estimates appear achievable with more upside than downside risk.
Shares of Amazon (AMZN) traded flat in pre-market hours on Tuesday after a report said the company is reshaping its artificial intelligence strategy by scaling back development of several flagship Nova AI models.
The report comes ahead of Amazon's quarterly earnings on Thursday, following five consecutive losing sessions for the stock.
https://finance.yahoo.com/technology/ai/articles/amazon-ai-strategy-reportedly-shifts-113302209.html
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