Amazon is building a ChatGPT rival codenamed ‘Metis'

Core Insights - Amazon.com Inc is developing a new AI chatbot named "Metis" to compete with ChatGPT, overseen by CEO Andy Jassy [2] - The stock has seen a 25% increase from its year-to-date low, although it is currently down about 1% as investors assess the implications of the AI developments [1][3] - Analysts at Bank of America Securities have reiterated a "buy" rating on Amazon stock, anticipating a revenue boost from a paid version of Alexa [4] Group 1: AI Development - The "Metis" chatbot is expected to be more powerful than Amazon's existing Titan model, featuring advanced capabilities such as follow-up suggestions and image-based responses [2] - Metis is in an advanced stage of development and may launch as early as September [2] - The introduction of Metis aligns with Amazon's strategy to leverage AI as a significant growth driver [3] Group 2: Financial Implications - The planned paid version of Alexa could generate up to $600 million in additional revenue for Amazon [4] - This move is part of Amazon's long-term strategy to make Alexa profitable [4] - The company has committed to investing €10 billion and creating approximately 4,000 jobs in Germany, indicating a broader growth strategy [4]