Amazon
AMZNQ4 2025(AMZN Q3 FY2025)Stated1.5% AI
AI Revenue %
1.5%
AI Fair Value
$37.1B
AI Revenue (Q)
$6.8B
Total Revenue (Q)
$450.2B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
By Q3, Jassy disclosed Trainium alone as a 'multibillion-dollar business' growing 150% QoQ, and Bedrock's majority token usage running on Trainium. AWS accelerated to 20.2% YoY growth ($33B quarterly, $132B ARR). Ring 1 Core AI: Trainium instances (multibillion, 150% QoQ growth), Bedrock (growing rapidly, majority on Trainium), SageMaker AI, Nova models, Amazon Q. Excludes Graviton (general-purpose ARM CPU), standard AWS services, Alexa, Rufus. With Trainium at 'multibillion' growing 150% QoQ and Bedrock also scaling, estimate ~$11B annual run rate for Ring 1 AI services (~$2.75B quarterly). Trainium instances ~$4-5B ARR, Bedrock ~$3-4B ARR, SageMaker + other ~$2B ARR. Math: $2,750M / $180,169M = 1.5%. AWS backlog reached $200B, indicating strong future AI demand.
Analyzed by claude-opus-4-6
Quoted Figures
Trainium is a multibillion-dollar business that grew 150% quarter-over-quarter and is fully subscribed
Q3 FY2025 earnings call, CEO Andy Jassy prepared remarks
The majority of token usage in Amazon Bedrock is already running on Trainium
Q3 FY2025 earnings call, CEO Andy Jassy prepared remarks
AWS Net sales $33,006 million (Q3 2025), up 20.2% year-over-year
Q3 FY2025 10-Q, Note 8 Segment Information
Cash capital expenditures were $34.2 billion during Q3 2025
Q3 FY2025 10-Q, MD&A Liquidity section
Confidence Tier
StatedAI figures cited by management on earnings calls