What Wall Street is saying about Amazon's deepening ties with Anthropic
What Wall Street is saying about Amazon's deepening ties with Anthropic
Brian SozziTue, April 21, 2026 at 2:16 PM UTC
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Amazon (AMZN) and Anthropic (ANTH.PVT) are even more tied at the hip as both seek supremacy in the race to build out artificial intelligence infrastructure.
The ties between Amazon and Anthropic deepen: Amazon Web Services (AWS), Amazon's cloud computing business, has committed to supplying Anthropic with up to 5 gigawatts of capacity across Trainium 2, 3, and 4+ chips. Anthropic said it would spend $100 billion-plus on AWS over the next 10 years. Additionally, Amazon announced plans to invest an incremental $5 billion, and up to an additional $20 billion tied to commercial milestones, into Anthropic. Amazon previously invested $8 billion into Anthropic in late 2023.
What Wall Street is saying about the Amazon-Anthropic relationship: Wall Street is banking on a big boost in AWS's growth rate in the coming quarters, fueled by Anthropic's computing needs and those of others playing in the AI boom.
"We are incrementally positive on our AWS revenue projections, whereby we project AWS revenue growth of +37% year over year in 2027, which includes a conservative projection of $31 billion in Anthropic revenue, particularly given Anthropic's $30 billion annual revenue rate as of late March and its 100,000 plus customers building with Claude on AWS," Citi analyst Ron Josey wrote in a note.
The tone is similar at KeyBanc.
"We believe AWS [Amazon Web Services] is benefiting from a combination of capacity gains, AI diffusion, and client expansion," KeyBanc analyst Justin Patterson wrote in a note on Monday. "Anthropic has been a long-standing AWS customer, and its rapid growth in annual recurring revenue (from $9 billion in December 2025 to $30 billion in early April 2026) provides a meaningful tailwind to AWS growth (we assume AWS is about 60% of Anthropic spend)."
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What Yahoo Finance is hearing about Amazon's stock right now: It's hard to find a bear on Amazon at the moment, especially as the stock has roared 21% over the past month.
So here is the general vibe on Amazon from the bull community: "I think that Amazon really chose the right horse to back in the AI races. Amazon and Anthropic are sort of directly in competition with the Microsoft and OpenAI partnership, and I think right now AWS and Anthropic are winning that battle," Sevens Report Research founder Tom Essaye said on Yahoo Finance's Opening Bid (see video above). "This [Anthropic] has injected a massive stimulus into that AWS business and it's only continuing to grow. So look, it's not like as Anthropic goes Amazon goes, but Anthropic is providing an important boost."
Bottom line: One's first instinct is to simply analyze Amazon on its retail merits, which of course includes things like sticky Prime memberships and Whole Foods. But the new reality is that AWS is growing in importance to Amazon's top and bottom lines from already important levels, in large part because of the AI boom.
This boom puts pressure on Amazon to deliver accelerating AWS growth rates for at least the next two years, or risk being penalized by a super bullish Wall Street.
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Brian Sozzi is Yahoo Finance's Executive Editor and a member of Yahoo Finance's editorial leadership team. Follow Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Tips on stories? Email [email protected].
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