Amazon's AI and custom-chips businesses each crossed a $25 billion annual run rate in Q2 2026, CEO Andy Jassy said on July 30, as the company's cloud division grew 37 percent year over year to $42.2 billion in quarterly revenue, its fastest pace in 18 quarters. That same quarter, a $53.4 billion non-cash valuation mark on Amazon's Anthropic stake dominated the company's $62.6 billion net income. Separate from Amazon entirely, Jeff Bezos is now co-CEO of Prometheus, an industrial AI startup valued at $41 billion after a $12 billion raise in June 2026. Taken together, the picture is three AI bets operating in parallel at a scale that would individually define most careers.
AWS hits 37-percent growth and each AI segment passes $25B
Amazon Web Services recorded $42.2 billion in revenue in Q2 2026, up 37 percent year over year and ahead of Wall Street's consensus estimate of $40.5 billion, according to CNBC's earnings coverage. Operating income reached $16.6 billion at a 39.4 percent margin, up from $10.2 billion in the year-ago quarter. The AWS backlog, representing contracted future revenue, stood at $496 billion, according to TechTimes.
Jassy said on the earnings call that Amazon's AI business and its custom-chips business had each independently surpassed $25 billion in annual run rate, a figure he said could grow to $50 billion for the chips unit alone if Amazon sold Trainium externally at scale. Amazon's own account of the chips arc describes Trainium2 as delivering roughly 30 percent better price-performance than comparable GPUs, largely sold out since launch, with Trainium3 starting shipments in early 2026 at a further 30 to 40 percent improvement and already nearly fully subscribed. Amazon Bedrock, which runs most of its inference on Trainium, now serves more than 125,000 customers, including roughly 80 percent of Fortune 100 companies.
Capital expenditures for Q2 reached $54.2 billion. Amazon raised its full-year 2026 capex guidance to approximately $220 billion, up from a prior forecast of $200 billion, citing higher memory costs and accelerating demand for AI infrastructure. The scale of the commitment is what Jassy described in May 2026 as something Amazon is not making "on a hunch," pointing to the Trainium revenue commitments above $225 billion as evidence of contracted demand.
The $53.4B accounting line and what Anthropic is worth
Amazon's $33 billion commitment to Anthropic makes it the AI lab's largest single corporate backer. In Q2 2026, the appreciation of that position generated a $53.4 billion non-cash, non-operating gain that dwarfed AWS operating income in the same quarter, according to FourWeekMBA's earnings breakdown. The gain is mark-to-market: Anthropic filed a confidential S-1 in June 2026 at a reported $965 billion valuation, targeting an October 2026 NASDAQ listing. As that valuation rises, it flows directly into Amazon's reported net income.
