Amazon has expanded its AI partnership with Anthropic by investing $5 billion upfront and reserving up to $20 billion tied to future milestones, while Anthropic commits more than $100 billion over the next decade to train and run its Claude models on AWS using Trainium chips and millions of Graviton cores. The deal also secures up to 5GW of dedicated compute capacity and integrates Claude access directly through AWS.

Analysts anticipate this buildout will boost AWS revenue growth, which reaccelerated 24% year-over-year to a $142 billion run rate, while benefiting chip design and connectivity suppliers such as Marvell, Astera Labs and Credo that power and move data for large-scale AI deployments. The expanded infrastructure commitment underpins Amazon’s higher-margin AWS segment, contributing to operating margins rising from 2% in 2022 to 11% in 2025.

Amazon plans to launch a GLP-1 weight-loss drug program through its pharmacy business, aiming to undercut incumbents and tap into the growing obesity treatment market. The new offering could drive higher prescription volume and gross margins in Amazon Pharmacy as the company leverages its logistics network to deliver medications.