AMZNAmazon.com, Inc.

“Our chips business continues to grow rapidly and is larger than what a lot of folks thought. We saw nearly 40% quarter-over-quarter growth in Q1, and our annual revenue run rate is now over $20 billion and growing triple-digit percentages year-over-year, but this somewhat masks the size. If our chips business was a stand-alone business and sold chips produced this year to AWS and other third parties as other leading chip companies do, our annual revenue run rate would be $50 billion.”

“We've never seen a technology grow as rapidly as AI. Amazon is already a leader and companies continue to choose AWS for AI. To put our growth in perspective, 3 years after AWS launched, it had a $58 million revenue run rate. In the first 3 years of this AI wave, AWS' AI revenue run rate is over $15 billion, nearly 260x larger.”

“For our custom AI silicon, we've recently shared very large multiyear, multi-gigawatt Trainium commitments from the 2 leading AI labs in the world in Anthropic and OpenAI as well as an increasing number of companies like Uber betting on Trainium. And we now have over $225 billion in revenue commitments for Trainium.”

“Revenue was $37.6 billion and growth accelerated 480 basis points to 28% year-over-year, driven by both core and AI services. We continue to see customers increase cloud migrations and scale their use of AWS core services. Customers seeking the full benefit of AI are accelerating their transition to the cloud.”

“On the backlog, the backlog for Q1 is $364 billion. That does not include the recent deal that we announced with Anthropic for over $100 billion. There's reasonable breadth in that as well. It's not just 1 customer or 2 customers.”

“high-performance inference with the leading selection of frontier models in Bedrock, which saw 170% growth in customer spend quarter-over-quarter and processed more tokens in Q1 than all prior years combined.”

“at scale, we expect Trainium will save us tens of billions of dollars of CapEx each year and provide several hundred basis points of operating margin advantage versus relying on others' chips for inference.”

“Our cash CapEx was $43.2 billion in Q1. This primarily relates to AWS and generative AI as we invest to support strong customer demand.”

“Our Trainium2 chip has about 30% better price performance than comparable GPUs and is largely sold out. Trainium3, which just started shipping at the start of 2026 and is 30% to 40% more price performance than Trainium2 is nearly fully subscribed. And much of Trainium4, which is still about 18 months from broad availability has already been reserved.”

“Alexa+ early access expanded to millions more Prime members in Mexico, the U.K., Italy and Spain. Customers are loving Alexa+, talking to Alexa twice as much and for longer durations across a wider breadth of topics, completing purchases on devices 3x more, streaming music 25% more and using smart home functionality 50% more than Alexa classic.”

“you can see some of that focus from us and what we're building with Rufus. If you haven't checked out Rufus in a while, it's really substantially improved over the last year, and we have a lot of customers using it. As I mentioned earlier, you see the monthly active users up over 115% in Rufus and the engagement up over 400% year-over-year.”

“if you look at one of our services, we swapped out the engine of the service while we are also running the service full tilt. And normally, that would have taken 40 or 50 people about a year to do, and we took 5 really smart people, AI forward-thinking people building on agentic coding tools and those 5 people rebuilt it in 65 days.”

“we recently introduced Sponsored Products and Brand Prompts in Rufus that help brands showcase products and customers make more informed buying decisions. It's early, but we're seeing nearly 20% of shoppers who interact with the Brand Prompts in Rufus continue the conversation about that brand.”

“Rufus, our agentic AI shopping assistant continues to resonate with customers. Rufus can research products, track prices and auto buy products in our store when they reach a set price. Monthly active users are up over 115% and engagement is up nearly 400% year-over-year.”

“Meta is committed to using tens of millions of Graviton cores. Graviton is our industry-leading CPU chip, which allows Meta to run the CPU-intensive workloads behind agentic AI with the performance and efficiency they need at their scale.”

“In 2025, we delivered 4x improvements in Trainium2's token throughput. And since the majority of Bedrock's workloads run on Trainium, these efficiency gains directly translate into more capacity to serve customers.”

“Our AI revenue is growing triple digits year-over-year. We're bringing more capacity online to meet high customer demand while also driving meaningful efficiency gains across our installed base.”

“In AWS customers can build agents with their proprietary data and strands, which has been downloaded more than 25 million times and saw 3x more downloads quarter-over-quarter.”

“Amazon Bedrock, which is used expansively by over 125,000 customers, runs most of its inference on Trainium and almost 80% of the Fortune 100 companies are using Bedrock.”

“Customers can deploy agents with enterprise scale, security and reliability with AgentCore, which is being used to deploy an agent as frequently as every 10 seconds.”

“The number of new customers using Quick has grown more than 4x quarter-over-quarter, and we just announced the one of our Quick desktop app yesterday.”

“Graviton, which delivers up to 40% better price performance than any other x86 processors and now used by 98% of the top 1,000 EC2 customers.”

“Customers have used Transform to save over 1.56 million hours of manual effort when migrating and modernizing their workloads.”

“The number of developers using QRO more than doubled quarter-over-quarter and enterprise customer usage increased nearly 10x.”

“growing 28% on a $150 billion annual run rate basis is not simple to do. And I think there's few things around it. First is just we continue to see people choosing AWS for AI, in part because of our really broad full stack functionality, in part because people want their inference as they scale it to be close to their data and their applications, so much more of it lives in AWS than elsewhere. And in part because we have the strongest security and operational performance.”

“We're excited to make OpenAI's models available in Bedrock. Yesterday, we added OpenAI's GPT-5.4 model with 5.5 coming soon. Yesterday, we also started the preview of Amazon Bedrock managed agents powered by OpenAI, the Stateful Runtime Environment that enables any organization to build generative AI applications and agents at production scale.”

“We launched Health AI, a 24/7 AI-powered personal health agent backed by One Medical clinicians that gives U.S. customers instant clinical guidance and takes action with their permission from booking appointments to managing prescriptions to facilitating medical treatment with a real One Medical provider.”

“Of the AWS CapEx we intend to spend in 2026, much of which will be installed in future years, we have high confidence this will be monetized well as we already have customer commitments for a substantial portion of it and that it will yield compelling operating margins and ROIC.”

“we expanded Creative Agent, an agentic partner that plans and executes the entire ad creative process to Canada, France, Germany, India, Italy, Spain and the U.K.”

“model building with SageMaker, which reduces training time by up to 40%”

“the largest absolute place that we see enterprises having success is in projects that are around cost avoidance and productivities. These are things like automating customer service or business process automation or fraud or things of that sort. But the number of projects that we're working with across enterprises and that we're now starting to see to come to production around brand-new experiences, trying to figure out how to reinvent their current experiences, but using inference and AI to be smarter, also very significant.”

“One of the interesting things that we see right now with the change in price and in supply on things like memory is that it is a further impetus pushing companies who have on-premises infrastructure into the cloud. And it's because a meaningful part, these suppliers are prioritizing their very largest customers which cloud providers are.”

“I actually believe that we're going to like this for advertising. I think it's going to be good for customers, and it's going to be good for our business. And I think, first of all, the first thing to remember is the way that our ads team has built tools and agents themselves is making it so much easier to do advertising.”

“While the largest number of AI chips we're bringing in are Trainium, we continue to have a deep partnership with NVIDIA. We have immense respect for them, continue to order substantial quantities. We'll be partners for as long as I can foresee, and we'll always have customers who want to run NVIDIA on AWS”

“the fact that we're going to have all of the OpenAI models available in Bedrock is a big deal. It's a big deal for customers. And we have -- we obviously have a very large amount of AI being done in Bedrock today on the models we have and this is Anthropic and Llama and Mistral and a host of others.”

“the Bedrock managed agents that we collaborated with and invented with OpenAI that we just announced a preview of yesterday is also -- I think that's the future of how these agents are going to be built. It's something that nobody else has, and I think it's very exciting to our customers.”

“just since last quarter's call, we've announced new agreements with OpenAI, Anthropic, Meta, NVIDIA, Uber, U.S. Bank, Fox, Southwest Airlines, U.S. Army, Bloomberg, Cerebras, AT&T, Nokia, Fundamental, The National Geographic Society, PGA TOUR and many more.”

“I expect over time, there's a good chance we're going to sell racks over the next couple of years.”

“we do view this as truly a once-in-a-lifetime opportunity where every application that we know of is going to be reinvented. And there are so many new applications that none of us have ever imagined or dreamed we could build that are starting to be built and will be built. And all of that is going to be built on top of AI with a lot of consumption of CPUs and core as well.”

“I think it's going to have a comparable impact on how we do DevOps and how we do customer service, how we do research, how we do analytics, how sales is conducted. I think every single one of these functions that we all do at work are going to very significantly change.”