Cloud (AWS) · AI infrastructure · In-house silicon (Trainium)
Amazon
Big-tech operator of e-commerce and the AWS cloud. FY2025 revenue was $716.9B (+12%), AWS $129B (+20%). It raised cash capex from $83.0B to $131.8B in one year (+59%) and guided ~$200B for 2026. It builds its own Trainium (2/3) chips at TSMC, runs ~500k Trainium2 chips to train Anthropic’s Claude (Project Rainier), and also buys Nvidia GPUs in volume. A key demand sink for AI chips.
AMZN Updated Jul 12, 2026 5 AI consumers· 5 recurring
Per the valuechain.wiki graph, Amazon is directly linked to 51 companies (37 supply, 13 revenue, 2 investment relationships) and reaches 70 companies within two hops; the links are backed by 64 dated sources, 20 of them primary filings (as of 2026-07-12).
Annual return · 2026-07-10'21+2.4%'22-49.6%'23+80.9%'24+44.4%'25+5.2%YTD+6.3%
Money in ▸e-commerce · consumers (North America · International)●Revenue $716.9BAWS customers (Anthropic et al.)●Revenue $129BAnthropic●Illumina●Snowflake◐CrowdStrike◐Datadog◐Schrodinger◐Coupang◐MercadoLibre, Inc.◐Uber◐Airbnb Inc◐The Walt Disney Company◐Netflix◐Palo Alto Networks◐
AmazonFY2025 revenue $716.9B · latest quarter Q1 FY2026 $181.5B
▸ Money outNVIDIA●Units 196,000TSMC●Alchip Technologies●Vistra●Talen Energy●Nike●Amorepacific●ArianeGroup●패브리넷●Quanta Computer◐Seagate Technology◐Credo Technology◐Marvell◐SK hynix◐Astera Labs◐SanDisk◐Foxconn (Hon Hai)◐Arista Networks◐Wiwynn◐IonQ◐Rigetti Computing◐D-Wave Quantum◐Eaton◐Schneider Electric◐GE Vernova◐Ciena◐Corning◐Cerebras Systems◐Cummins◐ABB◐Caterpillar◐Celestica◐Digital Realty◐프록터앤갬블 (P&G)◐Jabil (AI-infra contract manufacturing)◐엑셀론 (PECO 데이터센터 접속)◐Quantum Computing Inc○
Financials & Segments
- Total revenue · FY2025 revenue $716.9B · latest quarter Q1 FY2026 $181.5B (+17% YoY), AWS $37.6B (+28% YoY, ~$150B annualized)
- Customer concentration · Demand sink for AI infrastructure. Cash capex $131.8B (FY2025, up 59% from $83.0B), ~$200B guided for 2026. Its own Trainium (2/3) chips are made at TSMC 5nm/3nm; GPUs from Nvidia (196k Hopper units in 2024). Project Rainier runs ~500k Trainium2 chips to train Anthropic’s Claude.
- Segments · AWS · North America · International
Revenue from
- e-commerce · consumers (North America · International) High confidence· Revenue $716.9B · FY2025 · 10-K annual total revenue
The demand end of the chain: e-commerce, ads and subscriptions make up most revenue. FY2025 total revenue $716.9B (+12%). - AWS customers (Anthropic et al.) High confidence· Revenue $129B · FY2025 · AWS segment revenue
Sells AWS cloud and Trainium compute to enterprise and AI customers. Anthropic trains Claude on ~500k Trainium2 chips (Project Rainier). FY2025 AWS $129B (+20%). - Anthropic High confidence
Supplies 5GW of AWS Trainium to Anthropic plus up to $25B investment. - Illumina High confidence
Runs Illumina Connected Analytics and BaseSpace on AWS infrastructure (S3, Glacier), storing and computing petabyte-scale genomic data. - Snowflake Medium confidence
AWS cloud for Snowflake workloads. - CrowdStrike Medium confidence
AWS cloud for CrowdStrike Falcon. - Datadog Medium confidence
AWS cloud for Datadog SaaS. - Schrodinger Medium confidence
AWS compute for Schrodinger simulation. - Coupang Medium confidence
Amazon, through its cloud arm AWS, hosts Coupang's e-commerce infrastructure and is paid for it; Coupang's cloud spend is revenue for Amazon (AWS). - MercadoLibre, Inc. Medium confidence
AWS counts MercadoLibre as a cloud customer and is named as its largest cloud provider in the 10-K.Confirms EN MercadoLibre FY2025 Form 10-K Published Feb 25, 2026: MercadoLibre, Inc. Annual Report on Form 10-K (FY2025) - Uber Medium confidence
Amazon hosts Uber's ride-sharing infrastructure on AWS (expanded in 2026), including growing use of Graviton and Trainium chips, and is paid for it; Uber's AWS spend is revenue for Amazon.Confirms EN TechCrunch Published Apr 7, 2026: Uber is the latest to be won over by Amazon's AI chips - Airbnb Inc Medium confidence
Amazon (AWS) earns revenue supplying the cloud infrastructure that runs all of Airbnb's service. - The Walt Disney Company Medium confidence
Amazon (AWS) is Disney+'s preferred cloud provider, supplying content delivery, storage and machine learning infrastructure and earning cloud revenue from Disney.Confirms EN Data Center Dynamics Published Apr 29, 2021: AWS is the preferred cloud provider for Disney+ - Netflix Medium confidence
Amazon's AWS supplies Netflix with compute, storage and infrastructure. Netflix runs entirely on AWS with no data centers of its own, a flagship AWS customer. - Palo Alto Networks Medium confidence
Palo Alto Networks runs Cloud NGFW and cloud-delivered security services on AWS, procuring cloud infrastructure.Confirms EN SEC EDGAR Published Aug 29, 2025: Palo Alto Networks FY2025 Form 10-K (fiscal year ended July 31, 2025)
Pays to
- NVIDIA High confidence· Units 196,000 (est.) · CY2024 · Omdia estimate
Buys Nvidia GPUs in volume for AWS: about 196k Hopper units in 2024 (Omdia). One of Nvidia’s top-4 customers.Confirms EN heise online Published Dec 19, 2024: Microsoft buys most Nvidia accelerators (Omdia estimate) - TSMC High confidence
Has its own Trainium2 (5nm) and Trainium3 (3nm) AI chips fabricated by TSMC, which is expanding capacity for Amazon (75k to 90-100k wafers/month).Mentions KO Global Economic Published Jun 19, 2026: Amazon weighs selling its Trainium AI chip externallyConfirms KO Global Economic Published Dec 3, 2025: Amazon launches its own AI chip to counter Nvidia, 4.4x performance - Alchip Technologies High confidence
Purchases AI custom ASIC design and production from Alchip. - Vistra High confidence
Sources datacenter power from Vistra nuclear via PPA. - Talen Energy High confidence
Sources AI-datacenter power from Talen nuclear via PPA. - Nike High confidence
Nike resumed selling directly on Amazon in 2025, reaching consumers through the channel. For Amazon, Nike is a first-party goods supplier.Confirms EN Retail Dive Published May 27, 2025: Nike to return to Amazon, expanding digital wholesale accounts - Amorepacific High confidence
Laneige is a top beauty seller on Amazon US (Lip Sleeping Mask 34,000+ five-star reviews; Glowy Lip Balm a #1 category bestseller), a Prime Day mainstay and the channel behind the Americas becoming its largest market. - ArianeGroup High confidence
In April 2022 Arianespace signed 18 Ariane 6 launches for Amazon's Kuiper constellation, its largest contract ever; 16 use the uprated Ariane 64, with the first flight lofting 32 Leo satellites in February 2026. Value undisclosed.Confirms EN Arianespace Published Apr 5, 2022: Arianespace signs unprecedented contract with Amazon for 18 Ariane 6 launches - 패브리넷 High confidence
Outsourced precision manufacturing for AI/HPC infrastructure (Mar 2025 commercial agreement plus warrant).Confirms EN FinancialContent Published Apr 10, 2026: Fabrinet shatters records as AWS partnership ignites HPC surge - Quanta Computer Medium confidence
Sources GB200 AI servers from Quanta. - Seagate Technology Medium confidence
Seagate HDDs for datacenter mass storage. - Credo Technology Medium confidence
Purchases AI interconnect (AEC, PAM4) from Credo. - Marvell Medium confidence
A design partner on earlier Trainium generations (estimated to be its largest direct customer); its role may shrink in the next generation (kept cautious).Mentions KO Global Economic Published Jun 19, 2026: Amazon weighs selling its Trainium AI chip externally - SK hynix Medium confidence
Supplies HBM3e for Trainium3 (144GB) and data-center memory (supplier/volume undisclosed).Confirms KO Global Economic Published Dec 3, 2025: Amazon launches its own AI chip to counter Nvidia, 4.4x performance - Astera Labs Medium confidence
A key hyperscaler customer buying retimers and fabric connectivity directly. - SanDisk Medium confidence
Purchases enterprise SSDs from SanDisk. - Foxconn (Hon Hai) Medium confidence
Orders GB200 AI racks for AWS (Foxconn-assembled). - Arista Networks Medium confidence
Buys AI datacenter Ethernet switches from Arista Networks. - Wiwynn Medium confidence
Supplies cloud servers to Amazon (AWS) (Wiwynn ODM). - IonQ Medium confidence
Hosts IonQ QPUs on AWS Braket. - Rigetti Computing Medium confidence
Hosts Rigetti QPUs on AWS Braket.Confirms EN Quantum Computing Report Published Nov 11, 2025: Rigetti 1000+ qubit roadmap and government orders - D-Wave Quantum Medium confidence
Hosts D-Wave annealing on cloud.Confirms EN The Quantum Insider Published Feb 26, 2026: D-Wave 179% revenue jump as bookings accelerate - Eaton Medium confidence
Sources datacenter power/UPS from Eaton. - Schneider Electric Medium confidence
Sources datacenter power/cooling from Schneider.Confirms EN DCD Published Sep 1, 2025: Schneider co-develops GB200 NVL72 reference design with NVIDIA - GE Vernova Medium confidence
Sources datacenter power/grid gear from GE Vernova.Confirms KO ValueDeepDive Published Jan 1, 2026: You can buy GPUs but not electricity — GE Vernova analysis - Ciena Medium confidence
Sources inter-datacenter optical (DCI) from Ciena. - Corning Medium confidence
Sources datacenter fiber/connectivity from Corning.Confirms EN RCR Wireless Published Jun 11, 2026: Corning emerges as key AI-infra supplier on hyperscaler fiber - Cerebras Systems Medium confidence
Integrates Cerebras CS-3 into AWS Bedrock inference. - Cummins Medium confidence
Backup gensets to AWS datacenters.Confirms KO Global Economic Published Jun 19, 2026: Amazon weighs selling its Trainium AI chip externally - ABB Medium confidence
Datacenter electrification to AWS.Confirms KO Global Economic Published Jun 19, 2026: Amazon weighs selling its Trainium AI chip externally - Caterpillar Medium confidence
Gensets to AWS datacenters.Confirms KO Global Economic Published Jun 19, 2026: Amazon weighs selling its Trainium AI chip externally - Celestica Medium confidence
Networking/AI systems to AWS.Confirms KO Global Economic Published Jun 19, 2026: Amazon weighs selling its Trainium AI chip externally - Digital Realty Medium confidence
Leases datacenters from Digital Realty.Confirms EN Global Data Center Hub Published Aug 1, 2025: Digital Realty $9B pipeline and hyperscale fund - 프록터앤갬블 (P&G) Medium confidence
Amazon's Vendor Flex places fulfillment staff inside P&G warehouses to pack and ship P&G staples on site, anchoring a 1P vendor relationship. - Jabil (AI-infra contract manufacturing) Medium confidence
Amazon has AI/cloud-infra hardware built by Jabil — strategic enough that Jabil issued warrants to an Amazon investment vehicle in Dec 2024. (A symmetric revenue edge exists on the Jabil node.) - 엑셀론 (PECO 데이터센터 접속) Medium confidence
Amazon data centers draw power through a large-load interconnection agreement with Exelon subsidiary PECO's T&D grid (under PJM review).Confirms EN Utility Dive Published Nov 5, 2025: Exelon's advanced data center pipeline grows to 18 GW - Quantum Computing Inc Low confidence
Some QUBT Dirac access via cloud.
Investments
- Globalstar High confidence· acquisition value $11.6B · 2026-04 합의(완료 전) · Amazon definitive merger agreement ($90.00/share)
In April 2026 Amazon announced a definitive agreement to acquire Globalstar at $90.00 per share, about $11.6 billion, adding direct-to-device to Amazon Leo via Globalstar L- and S-band spectrum and satellites, and taking over the Apple iPhone/Watch satellite services agreement.Confirms KO ZDNet Korea Published Apr 19, 2026: Amazon's Globalstar acquisition puts its satellite D2D service on trackConfirms EN U.S. SEC (EDGAR) Published Apr 14, 2026: Amazon to Acquire Globalstar and Expand Amazon Leo Satellite Network (Form 8-K Exhibit 99.1) - Anthropic High confidence
Amazon invests up to $25B in Anthropic (AWS).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Tempus AI | lead2 | · | · | · | · | +74.9 | -1.4 |
| Shopify | lead2 | +21.7 | -74.8 | +124.4 | +36.5 | +51.4 | -23.9 |
| Datadog | lead1 | +80.9 | -58.7 | +65.1 | +17.7 | -4.8 | +89.4 |
| Palo Alto Networks | lead1 | +56.7 | -24.8 | +111.3 | +23.4 | +1.2 | +76.9 |
| CrowdStrike | lead1 | -3.3 | -48.6 | +142.5 | +34 | +37 | +59.7 |
| Illumina | lead1 | +2.8 | -46.9 | -31.1 | -1.3 | -1.8 | +45 |
| Snowflake | lead1 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +19.2 |
| Airbnb Inc | lead1 | · | -48.6 | +59.2 | -3.5 | +3.3 | +9.5 |
| Schrodinger | lead1 | -56 | -46.3 | +91.5 | -46.1 | -7.3 | -7.8 |
| MercadoLibre, Inc. | lead1 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -8 |
| Uber | lead1 | -17.8 | -41 | +149 | -2 | +35.5 | -8.8 |
| The Walt Disney Company | lead1 | -14.5 | -43.9 | +4.3 | +24.4 | +3.3 | -15.3 |
| Coupang | lead1 | · | -49.9 | +10.1 | +35.8 | +7.3 | -20.3 |
| Netflix | lead1 | +11.4 | -51.1 | +65.1 | +83.1 | +5.2 | -21.7 |
| Amazon | node | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +6.3 |
| SanDisk | benef1 | · | · | · | · | · | +707.1 |
| Seagate Technology | benef1 | +87.5 | -51.4 | +69.1 | +4.1 | +225.3 | +231.4 |
| Marvell | benef1 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| Ciena | benef1 | +45.6 | -33.8 | -11.7 | +88.4 | +175.8 | +97 |
| Credo Technology | benef1 | · | · | +46.3 | +245.2 | +114.1 | +79.2 |
| Caterpillar | benef1 | +16 | +18.6 | +25.9 | +24.7 | +60.3 | +67 |
| Jabil | benef1 | +66.4 | -2.5 | +87.4 | +13.3 | +58.7 | +44.9 |
| Arista Networks | benef1 | +97.9 | -15.6 | +94.1 | +87.7 | +18.5 | +42.7 |
| Alchip Technologies | benef1 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +34.7 |
| Quanta Computer | benef1 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +33.4 |
| Cummins | benef1 | -1.7 | +14.1 | +1.7 | +48.9 | +49.4 | +33.3 |
| Globalstar | benef1 | +241.2 | +14.7 | +45.9 | +6.7 | +96.6 | +31.2 |
| Celestica | benef1 | +37.9 | +1.3 | +159.8 | +215.2 | +220.3 | +21.7 |
| Foxconn (Hon Hai) | benef1 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +10.9 |
| Exelon | benef1 | +41.5 | +8.3 | -14 | +9.2 | +20 | +9.3 |
| Procter & Gamble | benef1 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.1 |
| Talen Energy | benef1 | · | · | · | +214.8 | +86.1 | +2.9 |
| Vistra | benef1 | +19.6 | +5.1 | +70.7 | +261.5 | +17.7 | -1.3 |
| IonQ | benef1 | · | -79.3 | +259.1 | +237.1 | +7.4 | -4.5 |
| Amorepacific | benef1 | -30.1 | -5.7 | -18.4 | +9.9 | +8.2 | -10.5 |
| Quantum Computing Inc | benef1 | -75.8 | -55.7 | -39.5 | +1712.7 | -38 | -15.6 |
| D-Wave Quantum | benef1 | · | -85.3 | -38.9 | +854.5 | +211.3 | -23.2 |
| Nike | benef1 | +18.7 | -29 | -6 | -29.1 | -13.8 | -29.3 |
| Lam Research | benef2 | +53.7 | -40.7 | +88.6 | -6.8 | +139.2 | +105 |
| MDA Space | benef2 | · | -32.6 | +80 | +156.3 | -9.8 | +80.8 |
| Tokyo Electron (TEL) | benef2 | +40.4 | -14.5 | +89.8 | -4.4 | +61.6 | +78.2 |
| ASML | benef2 | +64.1 | -30.5 | +39.9 | -7.7 | +55.8 | +68.6 |
| Sumitomo Electric | benef2 | +11.4 | +6.3 | +30.8 | +52.9 | +139 | +55.3 |
| Williams Companies | benef2 | +38.4 | +32.8 | +11.9 | +62.3 | +14.9 | +26.6 |
| Broadcom | benef2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| FANUC | benef2 | -16.5 | +4.4 | -8.1 | +15.6 | +37.7 | +15.3 |
| Alphabet (Google) | benef2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| NVIDIA | benef2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Cameco | benef2 | +63.2 | +4.3 | +90.5 | +19.5 | +78.4 | +4.9 |
| Airbus | benef2 | +34.8 | +3.9 | +30.5 | +15 | +18.3 | +3.9 |
| Meta Platforms | benef2 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | +1.6 |
| SpaceX | benef2 | · | · | · | · | · | +0.7 |
| Hoya Corporation | benef2 | +10.8 | -3 | +34.4 | +11.3 | +24.9 | -2.9 |
| Phison Electronics | benef2 | +26.8 | -10.7 | +45.1 | -6.7 | +418.3 | -6 |
| Avio | benef2 | -9.9 | -4.7 | -17.1 | +98.4 | +117 | -10.8 |
| Rigetti Computing | benef2 | · | -92.9 | +35.1 | +1449.2 | +45.2 | -25.3 |
| UBTech Robotics | benef2 | · | · | · | -21.6 | +95.4 | -39.2 |
YTD as of 2026-07-10 · source: Yahoo Finance
Amazon's thesis is 'the demand sink of AI infrastructure, with a two-sided strategy of cutting cost via its own silicon.' AWS (FY2025 $129B, +20%) generates most group operating income, and cash capex rose from $83B to $131.8B (+59%) in one year with ~$200B guided for 2026 — a directional bet on AI data centers. It buys NVIDIA GPUs in volume while running its own Trainium (TSMC 5/3nm) to train Anthropic's Claude (Project Rainier, ~500k Trainium2 chips), managing NVIDIA dependence and margin together. E-commerce (total revenue $716.9B) is the stable base, but what to watch is the return on that vast capex, the self-sufficiency of custom chips, and the cloud growth rate.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 4 · Hold 1 · Sell 0 · Avg. target $263 · Price $245.34 (07-10) · Upside +7%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Wells Fargo · Ken Gawrelski | Overweight | $313 | Jul 2, 2026 | Report ↗ |
| JPMorgan · Doug Anmuth | Overweight | — | Jun 26, 2026 | Report ↗ |
| Barclays | Overweight | — | Jun 9, 2026 | Report ↗ |
| DA Davidson | Neutral | $175 | Feb 6, 2026 | Report ↗ |
| UBS | Buy | $301 | Feb 6, 2026 | Report ↗ |
Maintains Overweight and nudges the target to $313 from $312, implying about 29% upside on AWS reacceleration and improving retail profitability.
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