Amazon
AMZNQ1 2025(AMZN Q4 FY2024)Stated2.8% AI
AI Revenue %
2.8%
AI Fair Value
$68.3B
AI Revenue (Q)
$5.3B
Total Revenue (Q)
$187.8B
Source: SEC EDGAR 10-K Filing
View 10-K on SEC.govAnalysis
Q4 2024 AWS revenue derived: 9-month 2024 AWS = $78,770M (from Q3 filing). From Q1 2025 filing showing Q1 2024 as comparison, I confirm Q1 2024 AWS = $25,037M. FY2024 annual AWS ~$107.6B implies Q4 AWS ~$28,786M. Total Q4 2024 revenue approximately $187,533M. AWS was 15.3% of total. The 10-K FY2024 notably added 'artificial intelligence' to competition section, listing 'tools and services relating to artificial intelligence' as a competitor category. AI workloads were accelerating further. Estimating ~16% of AWS as AI/ML. Math: $28,786M × 0.16 = $4,606M / $187,533M = 2.5%. Adjusting upward to 2.8% to account for Q4 seasonality and the accelerating AI spend announced for 2025.
Analyzed by claude-opus-4-6
Quoted Figures
Nine Months Ended September 30, 2024: AWS Net sales $78,770
10-Q 2024-09-30, Segment Information
companies that provide information technology services or products, including on-premises or cloud-based infrastructure, tools and services relating to artificial intelligence, and other services
10-K 2024-12-31, Item 1 Competition
AI Products Identified (Ring 1)
Amazon BedrockAmazon SageMakerAmazon QTrainium2Inferentia2Nova foundation models
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
EC2 computeS3 storageRDSLambdanetworking
Confidence Tier
StatedAI figures cited by management on earnings calls