Technology giant Amazon plans to invest up to $230 million to support startups developing applications based on generative AI. Of the total, $80 million will fund the second AWS Generative AI Accelerator program. Most of the funds will be provided in the form of AWS infrastructure credits.

Amazon has also teamed up with Nvidia to offer expert guidance and technical support to selected startups. These teams will also have the opportunity to join the Nvidia Inception program, which provides opportunities to connect with potential investors and access to additional advisory resources.

Amazon already provides $1 billion in cloud loans annually to startups, with this new initiative that specifically targets generative AI technologies. This demonstrates the company's efforts to strengthen its presence in the fast-growing and competitive generative AI sector.