Amazon (AMZN) is poised to announce its earnings on April 29, and there are high expectations for positive results driven in part by the growth of its cloud service, Amazon Web Services (AWS), influenced heavily by its partnership with AI firm Anthropic (ANTH.PVT).
KeyBanc analyst Justin Patterson highlighted the beneficial relationship between AWS and Anthropic, noting that AWS is experiencing robust growth due to increased capacity, the rise of AI technologies, and a broadening customer base. Anthropic has significantly ramped up its annual recurring revenue, from $9 billion in December 2025 to $30 billion by early April 2026, suggesting that AWS could account for about 60% of Anthropic’s expenditures. This shift is expected to bolster AWS revenues.
Anthropic has made significant strides in AI development recently, necessitating increased use of AWS’s cloud capabilities. This month, the company launched Claude Opus 4.7, its most sophisticated reasoning model yet. It also introduced Claude Mythos, a highly powerful “hyper-agentic” model, which has been withheld from public release due to concerns over national security.
A projected 30% revenue growth for AWS in the upcoming quarter would indicate a strong performance, particularly as it would mark an increase from the previous year’s 20% growth, where AWS generated $128.7 billion in revenue in 2025.
Beyond cloud services, Amazon’s financials might see a notable enhancement owing to its investment in Anthropic. Since late 2023, Amazon has poured $8 billion into the AI company. By the end of last year, Amazon’s balance sheet included $45.8 billion worth of convertible notes and $14.8 billion in nonvoting preferred stock in Anthropic, bringing its total stake to a valuation of $60.6 billion.
Additionally, in February, Anthropic secured $30 billion in funding, resulting in a valuation of $380 billion—making it the third-most valuable private company, according to Yahoo Finance. Reports have suggested that the firm recently attracted investment interest at an $800 billion valuation.
Patterson also indicated that AWS is set to benefit from a growing demand for AI technologies, a notion bolstered by strong earnings from semiconductor manufacturer Taiwan Semiconductor (TSM) last week. He expressed optimism about a 30% year-over-year growth for AWS in the first quarter, with potential for even greater acceleration in 2026.
Furthermore, Patterson noted that Amazon CEO Andy Jassy appeared open to the idea of selling Trainium chips to external companies, which could represent another growth avenue for the firm. Notably, revenue from chips has already exceeded $20 billion and is showing characteristics of rapid expansion, with growth rates in the triple digits year-over-year through AWS.
In summary, Amazon’s forthcoming earnings report is shaping up to potentially showcase a strong performance, influenced by the success of Anthropic and the growing demand for AI services, combined with strategic investments in both cloud technology and chip manufacturing.
