‘This Could Change the AWS Story,’ Says BofA about Amazon Stock

Amazon AMZN +3.88% ▲ could benefit from rapid growth at artificial-intelligence startup Anthropic, according to top BofA Securities analyst Justin Post, who reiterated a Buy rating on the stock with a $275 price target. The analyst said Anthropic’s accelerating adoption may signal stronger demand for Amazon Web Services (AWS), since the AI company relies heavily on Amazon’s cloud infrastructure to train and run its models.

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Recently, Bloomberg reported that Anthropic’s annualized revenue run rate has surpassed $19 billion, up about $17 billion year-over-year and roughly $10 billion higher than at the end of 2025. The sharp increase suggests that demand for Anthropic’s AI tools is rising quickly.

Anthropic Growth Could Boost AWS Sentiment

Post, a five-star analyst, said Anthropic’s rapid increase in revenue appears to be driven by strong adoption of its Claude AI models and the developer tool Claude Code. The launch of Opus 4.6, the company’s most advanced model so far, also helped accelerate adoption by improving the system’s ability to handle complex coding tasks and operate across large codebases.

Anthropic is also seeing rising consumer adoption. The company said free active users have grown more than 60%, while daily signups have quadrupled since January.

Because Anthropic runs much of its AI infrastructure on AWS, stronger usage of these tools could translate directly into higher cloud spending on Amazon’s platform.

What It Means for Amazon’s AWS Business

The analyst estimates that Anthropic alone could contribute around $1 billion in quarter-over-quarter revenue growth for AWS as demand for AI computing increases.

Importantly, Post noted that Anthropic’s success does not appear to be slowing other AI companies. OpenAI recently raised its medium-term revenue outlook, suggesting that demand across the AI ecosystem remains strong.

For now, Post believes the rapid expansion of AI developers and models could continue to drive cloud infrastructure demand, which may help support Amazon’s long-term AWS growth story.

Is Amazon a Buy, Sell, or Hold?

Turning to Wall Street, analysts have a Strong Buy consensus rating on AMZN stock based on 40 Buys and three Holds assigned in the past three months, as indicated by the graphic below. Furthermore, the average AMZN price target of $282.21 per share implies 30.16% upside potential.

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