It's safe to say Amazon CEO Andy Jassy is pretty jazzed about generative AI's potential to drive profits.

"Generative AI could be the biggest technology transformation since the cloud — which itself is still in its infancy — and perhaps since the Internet," he wrote in his annual letter to shareholders on Thursday. "There's never been a time in Amazon's history when we've felt so much opportunity to make our customers' lives better and easier."

For the e-commerce giant turned cloud titan, the chances to take advantage of the much-hyped technology are many, but like the transition to the cloud, there is a lot of work that needs to be done first.

The stage, what Jassy describes as the bottom layer, comes as no surprise to anyone: selling developers the computing resources and software services required to develop their own basic models.