Amazon.com (AMZN.US) AWS CEO: Cloud business still has huge opportunities amid AI wave

Amazon's (AMZN.US) AWS chief executive Matt Garman said that there is still a huge opportunity to build cloud operations as most enterprises still process data workloads locally.

"About 15% to 20% of data has migrated to the cloud," Garman said at the Goldman Technology & Communications conference on Monday. "The vast majority of workloads have not migrated yet, so there will be a lot of opportunities in the future. There are still a lot of on-premise data workloads."

He added: "We are definitely helping customers move workloads to the cloud faster. It's much easier than running your own servers. AI is also driving more people to the cloud."

Despite an annual run rate of $105bn, Garman remains confident about the future and said that the progress so far in the field of artificial intelligence is barely scratching the surface.

"I am just so excited about this technology," Garman said. "Over time, it's going to change every industry in some way. Early on, businesses used AI to increase efficiency. That's great, but that's just scratching the surface of what AI is really about. We are unlocking capabilities that have never existed before."

AWS is also continuing to build partnerships with companies such as Nvidia (NVDA.US), AMD (AMD.US) and Intel (INTC.US).

"We have great partners," he said.

AWS and Oracle (ORCL.US) on Monday announced a new strategic partnership to launch Oracle Database@AWS, which allows customers to access Oracle Autonomous Database and Exadata database services on AWS.