Amazon.com Inc (AMZN) Launches Rufus, AI-Powered Conversational Shopping Assistant, in Beta Across Europe Following Successful UK Debut

Posted by Admin October 31, 2024 Shopping

We recently compiled a list of the 15 AI News You Should Not Miss. In this article, we are going to take a look at where Amazon.com Inc (NASDAQ:AMZN) stands against the other AI stocks.

According to a new report by Bloomberg Intelligence (BI), the generative AI market is set for rapid growth, projected to reach $1.3 trillion within the next decade. The market is expected to expand at a CAGR of 42%, initially fueled by training infrastructure and gradually shifting to inference devices for large language models (LLMs), digital ads, specialized software, and services in the medium to long term. Rising demand for generative AI products could generate an additional $280 billion of new software revenue, driven by specialized assistants, new infrastructure products, and copilots that accelerate coding.

“The world is poised to see an explosion of growth in the generative AI sector over the next ten years that promises to fundamentally change the way the technology sector operates. The technology is set to become an increasingly essential part of IT spending, ad spending, and cybersecurity as it develops”.

The AI world continues to buzz with recent advancements and breakthroughs. On October 29, Linkedin Corporate Communications announced the launch of their first-ever AI agent called Hiring Assistant, developed to take on a recruiter’s most repetitive tasks so that developers can steer their focus on the most impactful work. The company has also rolled out a new coaching feature in LinkedIn Learning to help learners practice human skills through interactive scenarios using text or voice.

In other news, Securiti, the pioneer in data security, privacy, governance, and compliance, announced on Tuesday that it has integrated Nvidia’s NIM microservices into its Securiti Gencore AI solution, empowering users in industries to easily and quickly build safe, enterprise-grade generative AI systems, copilots and AI agents by utilizing proprietary enterprise data safely in diverse data systems and apps.

Medicine is another area where AI is driving significant breakthroughs. On Tuesday, October 29, Biotech firm Iambic Therapeutics revealed that it has made a breakthrough artificial intelligence model. The model can radically reduce the time and money needed to develop new drugs. Its new AI drug discovery model is called Enchant, with a white paper published revealing how Enchant demonstrates a high degree of accuracy when predicting how well the human body would absorb certain drugs.

Asia is also making strides to take the lead in the AI race. The Korea Advanced Institute of Science & Technology (KAIST) has unveiled a new Artificial Intelligence method to speed quantum calculations. Professor Yong-Hoon Kim’s team from the School of Electrical Engineering has achieved a world-first; succeeding in accelerating calculations for electronic structure in quantum mechanics using a convolutional neural network (CNN) model.

Our Methodology

For this article, we selected AI stocks by combing through news articles, stock analysis, and press releases. These stocks are also popular among hedge funds.

Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).

A customer entering an internet retail store, illustrating the convenience of online shopping.

Number of Hedge Fund Holders: 308

Amazon.com Inc (NASDAQ:AMZN) is one of the largest online retailers and technology providers offering e-commerce, cloud computing, and services such as digital streaming and artificial intelligence solutions.

On October 29, Amazon.com Inc (NASDAQ:AMZN) announced the launch of Rufus, a new generative AI-powered conversational shopping assistant, in beta across Europe. After its launch in September in the UK, Rufus is now available in beta in Germany, France, Italy, and Spain and will be progressively rolling out to customers in the coming weeks, Amazon reports. The AI-powered shopping assistant can address customer queries on shopping needs, products, and comparisons, provide recommendations, and assist with product discovery within the familiar Amazon shopping experience that customers frequently use.

“Building on these AI customer innovations, today we are launching Rufus in beta to customers in Germany, France, Italy and Spain. Customers in the U.S., the UK, and India have already asked Rufus tens of millions of questions, and we’re excited to introduce it in these countries too”.

Overall AMZN ranks 1st among the AI stocks investors should not miss. While we acknowledge the potential of AMZN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than AMZN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.