When Amazon (AMZN) experiences earnings on April 29, it could have some bullish numbers to convey to Wall Street.
And AI juggernaut Anthropic (ANTH.PVT) could also be a giant motive why.
“We believe AWS [Amazon Web Services] is benefiting from a combination of capacity gains, AI diffusion, and client expansion,” KeyBanc analyst Justin Patterson mentioned in a observe 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).”
Anthropic has had a big yr on the growth entrance, probably pointing to the want to extract as a lot AWS cloud computing energy as doable.
This month, the firm launched Claude Opus 4.7 — its most superior reasoning mannequin to date. It additionally unveiled the controversial Claude Mythos, a “hyper-agentic” mannequin so highly effective that Anthropic has restricted it from public release due to nationwide safety dangers.
A 30% income development price for AWS for the quarter would probably be well-received by the Street, as it will characterize an acceleration from 2025. AWS generated $128.7 billion in income in 2025, representing a 20% improve from the prior yr.
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While AWS gross sales stand to get an Anthropic jolt, Amazon’s stability sheet might additionally present a huge enhance from the mannequin builder.
Amazon has invested $8 billion in Anthropic since late 2023. At the finish of final yr, the firm held $45.8 billion of convertible notes and $14.8 billion of nonvoting most popular inventory in Anthropic, per its annual report. That places Amazon’s complete stake at a valuation of $60.6 billion.
Anthropic introduced a $30 billion capital elevate in February, valuing it at $380 billion. It’s the third-highest valued personal firm, according to Yahoo Finance data. It has reportedly acquired investor curiosity at a $800 billion valuation not too long ago.
Besides Anthropic, KeyBanc’s Patterson mentioned Amazon AWS will profit from strong AI-related demand. It’s a view supported by strong earnings results out of chip producer Taiwan Semiconductor (TSM) final week.
Increasing adoption of AI “increases the likelihood of 30% year over year AWS growth in the first quarter, with further acceleration likely in 2026,” Patterson mentioned.
“Finally, we note Amazon CEO Andy Jassy seemed open-minded in the annual shareholder letter to selling Trainium chips to third-parties,” Patterson added. “Chips have already surpassed $20B in revenue (>triple-digit year over year growth) through AWS, implying there could be one more growth lever to pull.”
