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

Money in ▸전자상거래·소비자 (North America·International)●Revenue $716.9BAWS 고객 (Anthropic 등)●Revenue $129B

AmazonFY2025 revenue $716.9B

▸ Money outNVIDIA●Units 196,000 TSMC●Marvell◐SK hynix◐Astera Labs◐

Financials & Segments

Total revenue · FY2025 revenue $716.9B (+12%), AWS $129B
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

전자상거래·소비자 (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%).
Confirms EN SEC EDGAR Published Feb 6, 2026: "FY2025 total revenue $716.9B (+12%)."
AWS 고객 (Anthropic 등) 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%).
Confirms EN SEC EDGAR Published Feb 6, 2026: "FY2025 AWS revenue $129B (+20%), the bulk of operating income."
Confirms EN Introl Accessed Jun 20, 2026: "Project Rainier runs ~500,000 Trainium2 chips dedicated to training Anthropic’s Claude."

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.
Mentions EN SEC EDGAR Published Feb 6, 2026: "10-K: FY2025 cash capex of $131.8B (up 59% from $83.0B), a surge in AI infrastructure spend (vendors not named)."
Confirms EN heise online Published Dec 19, 2024: "Per Omdia, Amazon purchased about 196,000 Hopper GPUs in 2024."
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 discloses no foundry other than TSMC, which is expanding capacity."
Confirms KO Global Economic Published Dec 3, 2025: "Amazon launched its own AI chip (Trainium3), fabbed on TSMC’s advanced node."
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: "Marvell joined earlier Trainium generations but may be dropped from the next version."
SK hynix Medium confidence
Supplies HBM3e for Trainium3 (144GB) and data-center memory (supplier/volume undisclosed).
Confirms KO Global Economic Published Dec 3, 2025: "Trainium3 carries 144GB of HBM3e at 4.9 TB/s."
Astera Labs Medium confidence
A key hyperscaler customer buying retimers and fabric connectivity directly.
Confirms EN SEC EDGAR Published Feb 10, 2026: "Astera Labs’ 10-K lists Amazon among its concentrated hyperscaler customers."

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