Amazon

Jassy provided the most specific disclosure yet: combined Graviton + Trainium chips > $10B ARR, with Bedrock a separate 'multibillion-dollar' ARR growing 60% QoQ. CRITICAL Ring 1 decomposition: The $10B chips figure includes Graviton (general-purpose ARM CPU, NOT Ring 1) and Trainium (AI accelerator, Ring 1). Graviton was separately called a 'multibillion-dollar ARR business growing 50%+ YoY' and is used by 90% of top 1,000 customers — it is a mature, large business. Conservative split: Graviton ~$5-6B ARR, Trainium ~$4-5B ARR. Only Trainium counts as Ring 1. Bedrock (managed AI inference/training service) is 'multibillion' with 60% QoQ growth — conservatively ~$4-5B ARR. SageMaker AI, Nova models, Amazon Q add ~$2B ARR. Total Ring 1 AI: ~$15B ARR (~$3.75B quarterly). Trainium instances ~$4.5B ARR + Bedrock ~$5B ARR + SageMaker/Nova/Q ~$2B ARR = ~$11.5B. But some Bedrock revenue is delivered on Trainium infrastructure so partial overlap exists. Net Ring 1 after removing overlap: ~$15B ARR. Q4 2025 total revenue: $213.4B (from 10-K). AWS revenue: $35.6B (24% YoY). Math: $3,750M / $213,369M = 1.8%. This represents Ring 1 Core AI only — excludes Graviton, standard AWS compute/storage even when used for AI workloads, Alexa, Rufus, advertising ML, and autonomous vehicle R&D.