Wall Street is seeing a big revenue opportunity ahead for Amazon after this week’s megafunding round for Anthropic, an artificial intelligence startup backed by the e-commerce giant. Shares of Amazon jumped more than 3% on Thursday, making it one of the S & P 500’s best-performing stocks of the day. The stock is up more than 6% year to date after making a roughly 10% rebound over the past month, fueled by several catalysts including its relationship with quickly growing Anthropic, expansion of its same-day grocery delivery offerings and its newly minted deal for its satellite internet business. Of all these opportunities, Barclays sees the gold mine in Amazon’s deep-rooted relationship with Anthropic. The startup trains its flagship generative AI Claude models primarily on Amazon Web Services, using Amazon’s Trainium and Inferentia chips used for training and inference, respectively. Analyst Ross Sandler wrote in a note to clients on Thursday that Amazon could see significant upside by the fourth quarter, as Anthropic could be pre-training its Claude 5 model by that point, which he expects will contribute to AWS growth. “AMZN shares have recovered a bit since the 2Q dip on anticipation of the re-acceleration of growth at AWS. We expect growth to pick up assuming AWS hangs on to its Anthropic training workloads (there have been grumblings in the industry about training issues with T3/Project Rainier),” Sandler wrote. “The quick take is that Anthropic is only adding 100bps to AWS growth currently (in 2Q25), but that might ramp up to as much as 400bps per quarter once Claude 5 training and the existing inference revenues are both flowing … this assumes the bulk of Anthropic training continues on AWS,” Sandler continued. AMZN 1Y mountain Amazon stock performance over the past year. Sandler views Anthropic as a fast-growing challenger to OpenAI, given that its Application Programming Interface, or API, business has moved ahead over the past year. It includes paid subscription service Claude inclusive of its code-writing app Claude Code. Anthropic’s API business is about double OpenAI’s, Sandler said, citing press reports. Anthropic on Tuesday announced it closed a $13 billion funding round at a $183 billion post-money valuation, roughly triple what the company was worth at the time of its last funding round in March. Amazon in November had announced it would invest an additional $4 billion in Anthropic, which brought its total investment in the startup to $8 billion. Anthropic’s valuation has quickly soared since it announced its AI assistant Claude in March 2023.
