AWS generates roughly 60% of Amazon's total profits and still dominates traditional cloud, but it has been losing ground in the GPU era. Microsoft Azure now leads on quarterly new cloud revenue. Google Cloud has closed the gap materially, backed by TPU investments SemiAnalysis has tracked for months. Year-to-date, Amazon is the weakest performer among the four major AI-and-tech titans by investor sentiment.
SemiAnalysis is now calling an AWS AI Resurgence, a direct counter to the consensus cloud crisis narrative. Their Core Research subscribers received this thesis a month ago: AWS growth accelerating beyond 20% year-over-year by end of 2025. The engine behind that call is Anthropic, which has grown revenue fivefold in 2025 to a $5 billion annualized run rate, the strongest performance in the generative AI market this year.
Anthropic is betting on scaling laws to sustain that trajectory, and AWS is funding the infrastructure to match. The full piece details a multi-gigawatt Trainium expansion, with AWS already committing well over a gigawatt of data center capacity. The numbers behind that build-out, and how Trainium fits against Nvidia in Anthropic's training stack, are what make this worth reading past the headline.
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