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Amazon expected to report a strong quarter on the backs of Anthropic's Claude, AI demand
When Amazon (AMZN) reports earnings on April 29, it may have some bullish numbers to convey to Wall Street.
And AI juggernaut Anthropic (ANTH.PVT) may be a large reason why.
"We believe AWS [Amazon Web Services] is benefiting from a combination of capacity gains, AI diffusion, and client expansion," KeyBanc analyst Justin Patterson said 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)."
Anthropic has had a huge year on the development front, likely pointing to the need to extract as much AWS cloud computing power as possible.
Amazon Gets a Double Upgrade From BofA and KeyBanc Ahead of Earnings: Is $325 the New Floor?
Amazon (AMZN) received price target increases from BofA to $298 and KeyBanc to $325 ahead of Q1 earnings, with both firms forecasting AWS growth accelerating to 28-30% from Q4’s 24%, while the company’s custom chip business (Trainium and Graviton) generates over $10 billion in annual revenue run rate growing triple-digit percentages year-over-year.
AWS reacceleration driven by AI infrastructure demand and capacity ramps is being underpriced by the market ahead of Amazon’s April 29 earnings report, with only a 25% probability priced in for the stock to close above $260 by month-end.
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