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As Amazon slashes prices, Bezos sees jump in wealth
by Staff Writers
Washington (AFP) July 17, 2018

Walmart, Microsoft team up to take on Amazon
Washington (AFP) July 17, 2018 - Walmart said Tuesday it was entering into a strategic partnership with Microsoft on "digital transformation" for the onetime retail industry leader.

The move is aimed at helping Walmart compete better against Amazon, which is taking a growing share of retail sales in the United States and globally.

The two firms said the partnership was focused on using artificial intelligence and other technology tools to help manage costs, expand operations and innovate faster.

"Walmart's commitment to technology is centered around creating incredibly convenient ways for customers to shop and empowering associates to do their best work," said Walmart chief executive Doug McMillon, Walmart CEO.

Microsoft's business cloud computing platform known as Azure will help Walmart manage operations ranging from refrigeration and air conditioning to improving its supply chain and transportation.

"The world's leading companies run on our cloud, and I'm thrilled to partner with Walmart to accelerate their digital transformation with Microsoft Azure and Microsoft 365," said Satya Nadella, CEO of Microsoft.

Walmart is already using Microsoft services for some applications and will expand that to tap into Microsoft's machine learning, artificial intelligence, and data platform, according to the statement.

Earlier this month, the research firm eMarketer said Amazon's surging growth would enable it to capture 49.1 percent of US online retail sales this year, up from 43.5 percent.

Amazon is far ahead of online rivals like eBay, with 6.6 percent of ecommerce, and Apple, at 3.9 percent, according to eMarketer, which estimated Walmart's share at 3.7 percent.

According to the research, Amazon now controls nearly five of the total US retail market, including online and offline.

As Amazon marked its "Prime Day" with price cuts across a range of products, founder and chief executive Jeff Bezos saw his net worth hit new peaks, increasing his lead over fellow billionaires.

Bezos's net worth topped $150 billion on Monday, according to the Bloomberg Billionaires Index, making him the world's richest person in decades.

The surge in the share price for Amazon -- in which Bezos holds a stake of some 16 percent -- has lifted his wealth by some $50 billion this year.

And Bezos has moved into a wealth category all by himself, far ahead of Microsoft founder Bill Gates, worth an estimated $95 billion, according to the Bloomberg ranking.

Gates saw his net worth briefly hit $100 billion in 1999, but since then Bezos appears to be the only person to top that milestone.

Historically, Bezos still trails other wealthy individuals such as oil magnate John D Rockefeller and steel baron Andrew Carnegie, whose inflation-adjusted net worth would be more than $300 billion.

Yet his rise has been nothing less than spectacular since 2014 when his fortune was estimated at around $32 billion.

Bezos founded Amazon two decades ago as an online bookseller, and it has mushroomed into one of the world's most valuable companies. It features retail operations in more than a dozen countries, a major cloud computing division, and operations in digital devices, artificial intelligence, video streaming and groceries.

Amazon's market capitalization his risen to nearly $880 billion in recent weeks, ahead of that of Google parent Alphabet but behind Apple.

This week, Amazon marked its "Prime Day," a 36-hour period with special discounts for its Prime subscribers, in several countries, touting "more than one million deals worldwide."

Amazon acknowledged some glitches with the sales day, saying some customers were unable to complete their orders.

Some customers complained they were directed to the "Amazon dogs" error pages featuring canine pictures. Still, Amazon said the day had gotten off to a better start than last year.

Bezos, 54, also owns the private space exploration firm Blue Origin and purchased the Washington Post in 2013.


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