AI model Olympus could be Amazon’s powerful video tool in 2024

Amazon is reportedly developing a new AI tool called Olympus that can analyze videos. The multimodal AI model is thought to be a boon to Amazon’s AWS offering.

Additionally, Olympus is expected to reduce Amazon’s reliance on external AI providers while strengthening its own cloud computing service.

Amazon’s Olympus can analyze videos

Amazon is reportedly working on a new AI tool, Olympus, which could analyze videos, images, and text. AI functionalities software developer, Tibor Blaho, explained in a post on X that the multimodal AI model is designed to help businesses in specific industries. It can reportedly perform tasks like searching through videos using text prompts or automatically analyzing footage in detail.

scoop w/ @KevKubernetes: Amazon has developed new generative AI that can process images and video, in addition to text.

Amazon could launch the model (code-named Olympus) next week at re:Invent in Las Vegas to lessen its reliance on 3-party models https://t.co/7cwB65zT5T

— Anissa Gardizy (@anissagardizy8) November 28, 2024

But, what is Amazon getting out of this AI tool? Well, it is claimed that it will reduce Amazon’s dependency on other AI companies, like Anthropic. Blaho says that an official statement may come during Amazon’s AWS re:Invent conference in the upcoming week. Notably, AWS or Amazon Web Services comes under Amazon which provides on-demand cloud computing platforms and APIs.

From the information, we infer that oil and gas companies could use Olympus to analyze drone footage and identify problems with underwater equipment. These inspections are usually long and costly and Olympus might cut the time and cost. Another application is potentially to create sports highlights and analyze archives.

Video-related features are something that mainstream AI tools like OpenAI’s ChatGPT and Google’s Gemini have not captured. Amazon’s cloud computing customers could benefit from the launch.

AWS offerings can benefit from Olympus integration

AWS is a pay-as-you-go pricing model that deploys applications globally. It is not only known for applications that scale computing and add various features, it provides security services and AI tools as well. For instance, Amazon’s Olympus could enhance the capabilities of Amazon SageMaker and Amazon Bedrock with in-house multimodal capabilities. Its integration with products like SageMaker means building complex applications can become simple. Potentially, developers could access Olympus as a pre-trained model for multimodal tasks.

Last year, AI commentator Rowan Cheung reported that Olympus is Amazon’s attempt to enter the competitive generative AI space. Especially when companies in the sector, like NVIDIA, have been making fast-paced advancements in high-speed model training. In September 2023, Deloitte said in a press release that it teamed up with AWS to create Olympus, a cloud accelerator fund.

Forrest Danson, principal and global chief commercial officer of the Amazon/AWS alliance, Deloitte Consulting LLP, explained that the partnership would help businesses quickly adopt advanced cloud-based tools and technologies like AI to solve problems. Meanwhile, AI launches continue to hit the markets.

Tesla chief Elon Musk is bracing for his artificial intelligence (AI) startup, xAI, to launch an AI-powered gaming studio. Telecommunications company Orange announced a partnership with OpenAI and Meta to develop AI models in regional languages. Amid these offerings, Amazon’s Olympus AI tool could add additional capabilities to the technology sector.

Land a High-Paying Web3 Job in 90 Days: The Ultimate Roadmap