Amazon Bets on This AI Company – Is It a Buy?

$1 billion.

That’s how much Scale AI has raised in a new Series F round from a slew of big names – including Amazon (NASDAQ: AMZN).

It’s the tech giant’s new move to gain an edge in the AI race.

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Scale AI is a company that provides data-labeling services to companies that want to train machine learning models.

Its new fundraise is a mix of primary and secondary funding.

Before this round, Scale AI had raised around $600 million in its 8-year history.

Today the startup is valued at $13.8 billion.

And it has attracted a slew of major investors such as Meta (NASDAQ: META), Nvidia (NASDAQ: NVDA), the venture arms of ServiceNow (NYSE: NOW), Cisco (NASDAQ: CSCO), AMD (NASDAQ: AMD), and Intel (NASDAQ: INTC) – as well as Amazon (NASDAQ: AMZN).

Amazon recently closed a $4 billion investment in OpenAI rival Anthropic (private).

And Mistral AI and Perplexity are also in the process of raising more billion-dollar rounds at lofty valuations.

As Amazon CEO Andy Jassy said in his annual letter to shareholders…

AI is the company’s next major product opportunity – up there with Marketplace, Prime, and Amazon Web Services (AWS).

The key takeaway is this…

Big tech continues to invest billions in AI startups.

That’s because they view AI as a critical breakthrough technology that can transform their businesses.

But that’s not the only thing AI can transform.

Early investors who place the right trades right now could make massive gains.

That’s why I’m sharing my top 5 AI stocks for 2024.

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