*By Michael Teich*
Amazon inked a new partnership with American Express, but don't expect the financial industry to be the next area the tech giant jumps into.
"The thing that people misunderstand is that tech companies don't want to manufacture financial products," said Lex Sokolin, Global Director of Fintech Strategy at Autonomous Research. "It's about making the ecosystem and the platform more powerful, and finance is just a feature inside of that."
American Express announced Tuesday it will launch a co-branded Amazon credit card for small businesses. The move accelerates Amazon's foray into financial products and strengthens its position as a lender. The goal, Sokolin said, is to enable small businesses to finance their activities, getting more products on Amazon's platform, and ultimately driving more commerce.
Plus, the opportunity costs of devoting itself to the financial industry are too high.
"Amazon has tremendous high-growth, super interesting, blue oceans to explore,” he said. "They could be investing in building a mortgage business, or they can build artificial intelligence business."
For the full segment, [click here.](https://cheddar.com/videos/amazon-bolsters-financial-prowess-with-new-credit-card)
Chipotle filed a lawsuit in California federal court against Sweetgreen over the salad chain's chicken burrito bowl, claiming infringement for using the word "chipotle" in the name.
The head of UBS has voiced confidence that the Swiss bank will succeed in a government-engineered takeover of hobbled rival Credit Suisse.
Jeep unveiled its 2024 Wrangler SUV, with more capabilities and updated technology.
Major crypto tokens, including Bitcoin, are trading higher.
Bed Bath & Beyond struck a deal with an investment management firm to get more product on the shelves in an effort to avoid bankruptcy.
Google revealed details of its new artificial intelligence supercomputer on Wednesday.
Demand for mortgages was down last week, even though rates inched lower for potential homebuyers.
Walmart told shareholders Wednesday that inflation is impacting the business. Now it is looking to add automation to offset hiring.
Bob Lee, a technology executive who created Cash App and was currently chief product officer of MobileCoin, has been fatally stabbed in San Francisco.
The Food and Drug Administration has announced that the maker of a brand of eye drops linked to an outbreak of fatal bacterial infections failed to follow safety protocols.
