Amazon CEO Andy Jassy assures Stakeholders says ‘Best Days are in Front of Us’

New Delhi (India), 15th April 2023: In his annual shareholder letter, Amazon CEO Andy Jassy expressed confidence in the company’s ability to control expenses while simultaneously noting that the tech giant was “spending heavily” on recently successful AI capabilities.

He wrote in the letter and described 2022 as, “one of the harder macroeconomic years in recent memory.” continuing he described the measures Amazon had taken to reduce costs, such as closing several stores nationwide and its health care programme Amazon Care. Since the fall, the business has also eliminated 27,000 corporate positions, the most layoffs in its history.

He also wrote, “There are a number of other changes that we’ve made over the last several months to streamline our overall costs, and like most leadership teams, we’ll continue to evaluate what we’re seeing in our business and proceed adaptively.”

However he said that despite the “turbulent” times he assured his stakeholders that, “best days are in front of us.”

The Seattle-based company will keep funding its ad network, specialised chips used for machine learning, and generative AI tools. The tools are a part of a new wave of machine-learning systems that can communicate, produce new photos and videos, and generate legible text on demand based on what they’ve learned from a sizeable collection of electronic books and online material.

He said, “Let’s just say that LLMs (Large Language Models) and Generative AI are going to be a big deal for customers, our shareholders, and Amazon.”