Amazon’s Q2 report was not only a stock story. It read like an AI infrastructure ledger: AWS accelerated, Trainium gained long-term commitments from OpenAI and Anthropic, and net income included a $53.4 billion pre-tax gain tied mainly to Amazon’s Anthropic investment.
Amazon reported $200.6 billion in quarterly revenue, up 20% year over year. AWS revenue reached $42.2 billion, up 36.7%, its fastest pace in 18 quarters. Net income rose to $62.6 billion, but a large part of that jump came from the Anthropic-related fair-value gain rather than ordinary operations.
AWS is accelerating, and the cost is rising
“AWS is booming, growing 36.7% year-over-year in Q2—our fastest growth in 18 quarters—and our AI and Chips businesses each eclipsed run rates of more than $25 billion.”
The statement from CEO Andy Jassy gives three markers: AWS is near a $169 billion annualized revenue run rate; AWS’s AI business has crossed $25 billion; and Amazon’s chips business has crossed the same line.
AWS operating income reached $16.6 billion. At the same time, trailing free cash flow moved to a $7.6 billion outflow, mainly because property and equipment purchases rose by $66.1 billion, reflecting AI investment. AP reported that Amazon lifted its 2026 capital spending plan to $220 billion.
Trainium now has hard customer proof
Amazon said Anthropic and OpenAI made multi-year, multi-gigawatt Trainium commitments. That matters more than a benchmark claim. Large AI labs are buying reserved capacity, power, networking and a cloud software stack, not only individual chips.
Graviton5 is now generally available, with up to 25% better compute performance than Graviton4. Amazon says Graviton is used by 98% of its top 1,000 EC2 customers.
Anthropic is not ordinary revenue
The $53.4 billion gain should not be read as AWS cash revenue. It is non-operating pre-tax other income, mainly from Amazon’s Anthropic investment. The cleaner interpretation is that Anthropic has become a customer, a partner and a valuation variable on Amazon’s balance sheet.
Bedrock is the enterprise doorway
Amazon added more than 10 managed foundation models to Bedrock, including OpenAI GPT-5.6, Anthropic Claude Opus 5, Google DeepMind Gemma 4 and SpaceXAI Grok 4.3. It says hundreds of thousands of customers now use Bedrock, with more customers added in the last six months than in the first two years after launch.
The next checks are financial: whether AWS can keep high growth, whether AI and chips keep expanding beyond the $25 billion run-rate line, and whether Amazon’s $220 billion spending plan converts into durable cloud revenue.
Sources: Zhidongxi, Amazon Q2 results, SEC 8-K/Exhibit 99.1, CocoLoop, AP; Amazon filings verify AWS growth, AI and chips run rates, Anthropic investment gain, free cash flow and Trainium/Graviton scope, while AP verifies capex guidance and demand commentary.