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Amazon and Databricks Sign Five-Year AI Partnership

Oct 15, 2024•over 1 year ago

Contract Type

partnership

SeattleSoftwareFinanceFintechwriting & editing

Description

Amazon has inked a new five-year AI partnership with Databricks, a cloud-based intelligence company specialized in AI solutions. The partnership aims to increase Amazon's AI development and enhance the company's language models, positioning itself as a major player in the AI space.

Company Information

Company

Amazon

Location

Seattle, Washington, United States

About

In a statement, an Amazon spokesperson told TechCrunch that the loan adds to the range of financing options the company has tapped in recent months to hedge against the “uncertain macroeconomic environment.”“Like all companies we regularly evaluate our operating plan and make financing decisions — like entering into term loan agreements or issuing bonds — accordingly,” the spokesperson said via email. Provided by DBS Bank, Mizuho Bank and others, the loan — which will mature in 364 days (January 3, 2024), with an option to extend for another 364 days — be used for “general corporate purposes,” Amazon said in a filing with the U.S. Securities and Exchange Commission. Amazon had about $35 billion in cash and cash equivalents and long-term debt of about $59 billion at the end of the third quarter ended September 30, Reuters reports.

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