Amazon.com Inc. (NASDAQ:AMZN) could see renewed momentum in Amazon Web Services (AWS) as artificial intelligence startup Anthropic rapidly scales its revenue. The development highlights rising enterprise demand for AI services and signals potential upside for AWS growth.
Bank of America Reiterates Buy On Amazon
Amazon could benefit from accelerating demand for artificial intelligence services, according to a new research note from Bank of America Securities (BofA).
Analyst Justin Post reiterated a Buy rating on Amazon and maintained a $275 price forecast.
Post said Anthropic's rapid revenue growth reflects strong enterprise adoption of artificial intelligence tools. He added that the trend could drive additional upside for Amazon Web Services.
Anthropic Growth Signals Rising AI Demand
Bloomberg reported that Anthropic's annualized revenue run rate exceeded $19 billion. That figure is up $17 billion year over year and $10 billion since the end of 2025.
Post noted that demand has increased for Anthropic's AI models and Claude Code, the company's agentic AI developer tool. Adoption also accelerated after the launch of the Opus 4.6 model in early February, which improves performance on agentic tasks and large codebases.
Consumer adoption is also rising. Claude's free active users have increased more than 60%, while daily signups have quadrupled since January.
Anthropic's ARR climbed from $9 billion in December to $19 billion in March. The jump implies more than $2.5 billion in quarter-over-quarter revenue growth.
Potential Revenue Boost For AWS
If a meaningful share of Anthropic's workloads runs on AWS, the financial impact could be substantial.
If AWS captures roughly half of Anthropic's projected $12 billion in AI model-training costs in 2026, it could drive up to a $1 billion quarter-over-quarter increase in first-quarter AWS revenue tied to Anthropic alone, exceeding the analyst's $900 million quarter-over-quarter growth estimate for AWS overall in the first quarter.
The analyst also noted that Anthropic expects to pay hyperscalers up to $6.4 billion in 2026 through revenue-sharing agreements tied to reselling Claude models. That compares with $1.9 billion in 2025.
He said the estimate could increase further if demand continues to rise.
Post added that the surge in Anthropic's ARR and a new capacity agreement with OpenAI highlight rapidly expanding enterprise demand for AI services. The trend should support AWS backlog growth and accelerate revenue.
Amazon also plans to double AWS power capacity through 2027. According to Post, that expansion could drive upside to Street estimates for AWS revenue in 2026 and 2027 while improving returns on capital spending.
AMZN Price Action: Amazon.com shares were up 0.57% at $218.06 at the time of publication on Thursday, according to Benzinga Pro data.
Image via Shutterstock
