Amazon
AMZNQ3 2025(AMZN Q2 FY2025)Stated1.3% AI
AI Revenue %
1.3%
AI Fair Value
$32.1B
AI Revenue (Q)
$3.8B
Total Revenue (Q)
$291.3B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Jassy reiterated the 'multibillion dollar' AI run rate growing at triple-digit YoY. AWS total revenue was $30.9B in Q2 (17.5% YoY growth), with AI demand outstripping supply. Ring 1 Core AI includes Bedrock, SageMaker AI, Trainium/Inferentia instances, and Nova models. Excludes Graviton (general-purpose CPU), standard AWS compute, Alexa, and advertising ML. Trainium2 was landing in larger quantities and powering Anthropic's models. Bedrock experiencing 'strong adoption' with Claude 4 as fastest-growing model. Sequential growth from Q1 is expected given triple-digit YoY and QoQ capacity additions. Conservative estimate: ~$8.5B annual run rate (~21% QoQ growth from Q1's ~$7B), yielding ~$2.125B quarterly. Math: $2,125M / $167,702M = 1.3%. Conservative given ongoing supply constraints limiting revenue realization.
Analyzed by claude-opus-4-6
Quoted Figures
AWS continues to build a large, fast growing, triple digit year over year percentage, multibillion dollar business with more demand than we have supplied for at the moment.
Q2 FY2025 earnings call, CEO Andy Jassy prepared remarks
AWS grew 17.5% year over year and now has over a $123 billion annualized revenue run rate
Q2 FY2025 earnings call
AWS Net sales $30,873 million (Q2 2025)
Q2 FY2025 10-Q, Note 8 Segment Information
Cash capital expenditures were $31.4 billion during Q2 2025, which primarily reflect investments in technology infrastructure (the majority of which is to support AWS business growth)
Q2 FY2025 10-Q, MD&A Liquidity section
Confidence Tier
StatedAI figures cited by management on earnings calls