AMZN
New deal, bigger flex
Amazon and Anthropic just took their relationship from “serious” to “please meet the parents.” Anthropic said it plans to spend more than $100 billion on Amazon Web Services over the next 10 years to lock in five gigawatts of capacity for training and running its AI models.
That’s not a side quest. That’s a multi-season franchise.
Why the market noticed
The deal leans heavily on Amazon’s custom Trainium chips, including Trainium2 and Trainium3, with Trainium3 expected to come online this year. In other words, Amazon isn’t just selling cloud storage and compute — it’s trying to sell the whole AI pickaxe kit, from silicon to server racks.
Amazon also said it’s boosting its investment in Anthropic by $5 billion, with up to another $20 billion tied to commercial milestones. That comes on top of the $8 billion it already put in during 2024. So yes, Amazon is writing more checks. But it’s also trying to make sure those checks come back with AWS usage attached.
The investor takeaway
For AMZN holders, this is less about a flashy partnership headline and more about a very expensive signal: AWS may be deep in the running for the AI infrastructure arms race. If Anthropic keeps scaling on Amazon’s stack, that’s a long runway for cloud demand, chip adoption, and stickier enterprise relationships.
And if you were wondering whether Amazon wants to be the “real” AI winner without having to become the face of the AI hype machine? This is your answer.
Big picture: Amazon is trying to own the shovels, the mine, and the truck on the way to the AI gold rush.