{"slug":"amazon","name":"아마존","name_en":"Amazon","ticker":"AMZN","updated_at":null,"canonical":"https://valuechain.wiki/amazon","kicker":"클라우드(AWS) · AI 인프라 · 자체 실리콘(Trainium)","kicker_en":"Cloud (AWS) · AI infrastructure · In-house silicon (Trainium)","lead":"전자상거래와 AWS 클라우드를 운영하는 빅테크. FY2025 매출 $716.9B(+12%), AWS $129B(+20%). AI 데이터센터에 현금 설비투자를 1년 만에 $83.0B에서 $131.8B로 늘렸고(+59%) 2026년은 약 $200B를 예고했다. 자체 AI칩 트레이니움(2/3)을 TSMC에서 생산하고, 앤트로픽 클로드 학습에 트레이니움2 약 50만개(프로젝트 레이니어)를 투입하며, 엔비디아 GPU도 대량 구매하는 AI 칩 수요의 핵심 종착지.","lead_en":"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.","segments":{"fy":2025,"parts":[{"desc":"클라우드 (매출 $129B, +20%, 영업이익 대부분)","name":"AWS"},{"desc":"북미 전자상거래·광고","name":"North America"},{"desc":"해외 전자상거래","name":"International"}],"total":"FY2025 매출 $716.9B (+12%), AWS $129B","source":"https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm","concentration":"AI 인프라 수요의 종착지. 현금 capex $131.8B(FY2025, 전년 $83.0B에서 +59%), 2026년 약 $200B 예고. 자체칩 트레이니움(2/3)은 TSMC 5nm·3nm 생산, GPU는 엔비디아(2024년 호퍼 19.6만대). 앤트로픽 클로드 학습에 트레이니움2 약 50만개(프로젝트 레이니어)."},"segments_en":{"parts":[{"desc":"Cloud (revenue $129B, +20%, most of operating income)","name":"AWS"},{"desc":"North America e-commerce and ads","name":"North America"},{"desc":"International e-commerce","name":"International"}],"total":"FY2025 revenue $716.9B (+12%), AWS $129B","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."},"edges":[{"direction":"revenue","counterparty":"전자상거래·소비자 (North America·International)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue","unit":"USD","as_of":"2025-12-31","basis":"10-K 연간 총매출","value":716900000000,"period":"FY2025","basis_en":"10-K annual total revenue"},"note":"밸류체인의 수요 끝단. 전자상거래·광고·구독이 매출 대부분. FY2025 총매출 $716.9B(+12%).","note_en":"The demand end of the chain: e-commerce, ads and subscriptions make up most revenue. FY2025 total revenue $716.9B (+12%).","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-06","url":"https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm","title":"Amazon FY2025 Form 10-K (2025-12-31 종료)","title_en":"Amazon FY2025 Form 10-K (year ended Dec 31, 2025)","excerpt":"FY2025 총매출 $716.9B(+12%).","excerpt_en":"FY2025 total revenue $716.9B (+12%)."}]},{"direction":"revenue","counterparty":"AWS 고객 (Anthropic 등)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue","unit":"USD","as_of":"2025-12-31","basis":"AWS 부문 매출","value":129000000000,"period":"FY2025","basis_en":"AWS segment revenue"},"note":"AWS 클라우드·트레이니움 컴퓨트를 기업·AI에 판매. 앤트로픽이 트레이니움2 약 50만개로 클로드를 학습(프로젝트 레이니어). FY2025 AWS $129B(+20%).","note_en":"Sells AWS cloud and Trainium compute to enterprise and AI customers. Anthropic trains Claude on ~500k Trainium2 chips (Project Rainier). FY2025 AWS $129B (+20%).","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-06","url":"https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm","title":"Amazon FY2025 Form 10-K (2025-12-31 종료)","title_en":"Amazon FY2025 Form 10-K (year ended Dec 31, 2025)","excerpt":"FY2025 AWS 매출 $129B(+20%), 영업이익 대부분을 차지.","excerpt_en":"FY2025 AWS revenue $129B (+20%), the bulk of operating income."},{"stance":"confirms","publisher":"Introl","publisher_en":"Introl","kind":"analysis","lang":"en","published_at":null,"url":"https://introl.com/blog/aws-trainium-inferentia-silicon-ecosystem-guide-2025","title":"AWS 트레이니움·인퍼런시아 실리콘 생태계 (프로젝트 레이니어)","title_en":"AWS Trainium and Inferentia silicon ecosystem (Project Rainier)","excerpt":"프로젝트 레이니어가 앤트로픽 클로드 학습 전용으로 트레이니움2 약 50만개를 가동.","excerpt_en":"Project Rainier runs ~500,000 Trainium2 chips dedicated to training Anthropic’s Claude."}]},{"direction":"cost","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"high","metric":{"type":"units","unit":null,"as_of":"2024-12-19","basis":"옴디아 추정","value":196000,"period":"CY2024","basis_en":"Omdia estimate","qualifier":"estimate"},"note":"AWS용 엔비디아 GPU 대량 구매. 2024년 호퍼 약 19.6만대(옴디아). 엔비디아 상위 4대 고객 중 하나.","note_en":"Buys Nvidia GPUs in volume for AWS: about 196k Hopper units in 2024 (Omdia). One of Nvidia’s top-4 customers.","sources":[{"stance":"mentions","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-06","url":"https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm","title":"Amazon FY2025 Form 10-K (2025-12-31 종료)","title_en":"Amazon FY2025 Form 10-K (year ended Dec 31, 2025)","excerpt":"10-K: FY2025 현금 capex $131.8B(전년 $83.0B에서 +59%)로 AI 인프라 투자 급증(벤더명 비공개).","excerpt_en":"10-K: FY2025 cash capex of $131.8B (up 59% from $83.0B), a surge in AI infrastructure spend (vendors not named)."},{"stance":"confirms","publisher":"하이제(heise online)","publisher_en":"heise online","kind":"news","lang":"en","published_at":"2024-12-19","url":"https://www.heise.de/en/news/Microsoft-buys-most-Nvidia-accelerators-10215630.html","title":"마이크로소프트, 엔비디아 가속기 최다 구매 (옴디아 추정)","title_en":"Microsoft buys most Nvidia accelerators (Omdia estimate)","excerpt":"옴디아 추정상 아마존은 2024년 호퍼 GPU 약 19.6만대를 구매.","excerpt_en":"Per Omdia, Amazon purchased about 196,000 Hopper GPUs in 2024."}]},{"direction":"cost","counterparty":"TSMC","counterparty_slug":"tsmc","confidence":"high","metric":{"type":"process","as_of":"2025-12-03","basis":"TSMC 5nm·3nm","value":null,"period":"2025","basis_en":"TSMC 5nm/3nm","qualifier":"confirmed_no_disclosed_value"},"note":"자체 AI칩 트레이니움2(5nm)·트레이니움3(3nm)을 TSMC가 위탁생산. TSMC가 아마존용 생산능력 확대(월 7.5만→9~10만장).","note_en":"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).","sources":[{"stance":"mentions","publisher":"글로벌이코노믹","publisher_en":"Global Economic","kind":"news","lang":"ko","published_at":"2026-06-19","url":"https://www.g-enews.com/article/Global-Biz/2026/06/2026061908571411239a1f309431_1","title":"아마존, 자체 AI 칩 '트레이니움' 외부 판매 추진","title_en":"Amazon weighs selling its Trainium AI chip externally","excerpt":"아마존은 TSMC 외 협력사는 공개하지 않으며, TSMC 생산능력을 확대 중.","excerpt_en":"Amazon discloses no foundry other than TSMC, which is expanding capacity."},{"stance":"confirms","publisher":"글로벌이코노믹","publisher_en":"Global Economic","kind":"news","lang":"ko","published_at":"2025-12-03","url":"https://www.g-enews.com/article/Global-Biz/2025/12/202512031904353239fbbec65dfb_1","title":"아마존, 엔비디아 견제 독자 AI 칩 출시…성능 4.4배","title_en":"Amazon launches its own AI chip to counter Nvidia, 4.4x performance","excerpt":"아마존이 독자 AI 칩(트레이니움3)을 출시, TSMC 첨단 공정으로 생산.","excerpt_en":"Amazon launched its own AI chip (Trainium3), fabbed on TSMC’s advanced node."}]},{"direction":"cost","counterparty":"Marvell","counterparty_slug":"marvell","confidence":"mid","metric":null,"note":"트레이니움 이전 세대 설계 파트너(최대 직접고객 추정). 차세대에서는 비중 축소 가능성 거론(주의).","note_en":"A design partner on earlier Trainium generations (estimated to be its largest direct customer); its role may shrink in the next generation (kept cautious).","sources":[{"stance":"mentions","publisher":"글로벌이코노믹","publisher_en":"Global Economic","kind":"news","lang":"ko","published_at":"2026-06-19","url":"https://www.g-enews.com/article/Global-Biz/2026/06/2026061908571411239a1f309431_1","title":"아마존, 자체 AI 칩 '트레이니움' 외부 판매 추진","title_en":"Amazon weighs selling its Trainium AI chip externally","excerpt":"마벨이 이전 트레이니움 세대 개발에 참여했으나 다음 버전에서는 빠질 수 있다는 우려.","excerpt_en":"Marvell joined earlier Trainium generations but may be dropped from the next version."}]},{"direction":"cost","counterparty":"SK하이닉스","counterparty_slug":"sk-hynix","confidence":"mid","metric":{"type":"qualifier","as_of":"2025-12-03","value":null,"period":"2025","qualifier":"confirmed_no_disclosed_value"},"note":"트레이니움3 HBM3e(144GB)와 데이터센터 메모리 공급(공급사·물량 비공개).","note_en":"Supplies HBM3e for Trainium3 (144GB) and data-center memory (supplier/volume undisclosed).","sources":[{"stance":"confirms","publisher":"글로벌이코노믹","publisher_en":"Global Economic","kind":"news","lang":"ko","published_at":"2025-12-03","url":"https://www.g-enews.com/article/Global-Biz/2025/12/202512031904353239fbbec65dfb_1","title":"아마존, 엔비디아 견제 독자 AI 칩 출시…성능 4.4배","title_en":"Amazon launches its own AI chip to counter Nvidia, 4.4x performance","excerpt":"트레이니움3는 HBM3e 144GB(대역폭 4.9TB/s)를 탑재.","excerpt_en":"Trainium3 carries 144GB of HBM3e at 4.9 TB/s."}]},{"direction":"cost","counterparty":"Astera Labs","counterparty_slug":"astera-labs","confidence":"mid","metric":null,"note":"리타이머·패브릭 등 연결 반도체를 직접 구매하는 핵심 하이퍼스케일러 고객.","note_en":"A key hyperscaler customer buying retimers and fabric connectivity directly.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-10","url":"https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm","title":"Astera Labs 10-K (2025회계연도)","title_en":"Astera Labs Form 10-K (FY2025)","excerpt":"Astera Labs 10-K가 소수 집중 하이퍼스케일러 고객으로 아마존을 포함.","excerpt_en":"Astera Labs’ 10-K lists Amazon among its concentrated hyperscaler customers."}]}]}