Microsoft CEO Satya Nadella, right, greets OpenAI CEO Sam Altman during the OpenAI DevDay event in San Francisco on Nov. 6, 2023.
Justin Sullivan | Getty Images News | Getty Images
Tech giants aren’t doing much acquiring these days, due mostly to an unfavorable regulatory environment. But they’re finding other ways to spend billions of dollars on the next big thing.
Amazon’s $2.75 billion investment in artificial intelligence startup Anthropic, announced this week, was its largest venture deal and the latest example of the AI gold rush that’s prompting the biggest tech companies to fling open their wallets.
Anthropic is the developer behind the AI model Claude, which competes with GPT from Microsoft-backed OpenAI, and Google’s Gemini. Along with Meta and Apple, they’re all racing to integrate generative AI into their vast portfolios of products and features to ensure they don’t fall behind in a market that’s predicted to top $1 billion in revenue within a decade.
In 2023, investors pumped …