July 1 - Amazon (AMZN, Financial) confirmed Thursday that Vasi Philomin, vice president of generative AI at Amazon Web Services, has departed the company.
Philomin led AWS's generative AI efforts, including the development of Amazon Bedrock, the company's platform for building and scaling foundation model-based applications. His LinkedIn profile states he built Bedrock “from the ground up,” positioning it as a key tool for enterprise AI deployment.
The departure comes as AWS reportedly plans to revamp Bedrock to better compete with Alphabet's (GOOGL) Google Cloud offerings. Philomin told Reuters he has joined another company, but did not provide further details.
Amazon noted that Rajesh Sheth, a vice president who previously led Amazon Elastic Block Store, has taken over some of Philomin's responsibilities.
Philomin's exit highlights growing competition among tech giants to attract top AI talent. Earlier this week Meta Platforms (META) was reported to have hired four OpenAI researchers to support its “superintelligence” initiative. Meta recently committed $14.3 billion to Scale AI and appointed its CEO, Alexandr Wang, to lead the project.
As the AI arms race accelerates, companies are moving aggressively to secure experienced leadership in generative technologies.
Is META Stock a Buy?
Based on the one year price targets offered by 61 analysts, the average target price for Meta Platforms Inc is $721.00 with a high estimate of $935.00 and a low estimate of $466.00. The average target implies a downside of -0.70% from the current price of $726.09.
Based on GuruFocus estimates, the estimated GF Value for Meta Platforms Inc in one year is $537.77, suggesting a downside of -25.94% from the current price of $726.09. Gf value is Gurufocus' estimate of the fair value that the stock should be traded at. it is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. for deeper insights, visit the forecast page.
