GE HealthCare Technologies Inc. (NASDAQ:GEHC) and Amazon.com, Inc.'s (NASDAQ:AMZN) Amazon Web Services (AWS) announced a strategic partnership to create specialized foundation models and generative AI applications aimed at enhancing medical diagnostics and patient care.

GE HealthCare will use AWS' cloud and AI services to create new foundation models aimed at advancing healthcare.

GE HealthCare will also update its applications using foundation models developed on Amazon SageMaker, which helps build, train, and deploy machine learning models.

GE HealthCare's generative AI-powered apps will integrate with AWS HealthLake and AWS HealthImaging, enabling secure, rapid analysis of patient data to enhance clinical efficiency and patient care.

This collaboration aims to develop multi-modal foundation models that analyze diverse unstructured medical data (e.g., records, reports, images) to provide precise, adaptable insights across various diseases and tasks, surpassing traditional ML models in versatility.

Peter Arduini, GE HealthCare's President and CEO, said, "With more than one billion patients around the world touched by our products, we play an important part in improving the quality of care and have a responsibility to continue pushing the boundaries of what's possible to enable precision care."

Matt Garman, CEO of AWS, stated, "GE HealthCare is putting generative AI at the heart of their innovation, accelerated by the investments we have made in healthcare-specific cloud services and generative AI capabilities that provide best-in-class security, data privacy, and access to the latest state-of-the-art foundation models."

Last week, GE HealthCare agreed to acquire Intelligent Ultrasound Group PLC's clinical AI software business for about $51 million.

The company will report second quarter 2024 results on July 31, 2024.

Investors can gain exposure to the stock via Invesco S&P Spin-Off ETF (NYSE:CSD) and Spinnaker ETF Series Langar Global HealthTech ETF (NYSE:LGHT).

Price Action: GEHC shares are up 1.04% at $80.51 at the last check Thursday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors

Photo by Sundry Photography via Shutterstock

• Nvidia, GE HealthCare Technologies And A Video Streaming Giant On CNBC's 'Final Trades'