New York, April 23, 2026, 08:40 EDT
- Amazon finished Wednesday’s session up 2.18% at $255.36, the move coming as the company pushed deeper into its partnership with Anthropic. That puts the stock in the spotlight ahead of its first-quarter results on April 29.
- Anthropic plans to pour over $100 billion into Amazon Web Services over the next decade; Amazon, for its part, signaled it could put as much as $25 billion more into the AI startup.
- Why does this deal stand out? Investors are still grappling with the question of whether Amazon’s planned $200 billion in AI spending by 2026 will actually translate into a quicker pace of AWS growth—and make the expense worth it.
Amazon shares drew attention Thursday, with the stock rising 2.18% to $255.36 on Wednesday after news broke that its expanded partnership with Anthropic could funnel over $100 billion in cloud business to AWS in the coming decade. Investors are now looking ahead to the company’s earnings due next week.
Right as investors start pressing harder on whether tech’s AI spending spree is delivering actual revenue—or just ballooning costs—Amazon lands with earnings on April 29. The company’s Anthropic announcement, according to a Reuters markets piece this week, gave AI stocks a jolt and nudged the mood ahead of tech results.
Amazon plans to put $5 billion into Anthropic upfront, with the option to pump in another $20 billion if certain commercial goals are reached. Anthropic, meanwhile, has agreed to spend upwards of $100 billion on AWS tech over a decade and lock in as much as 5 gigawatts of computing power, enough to drive massive AI data centers.
Amazon said the agreement spans both existing and upcoming Trainium chips—its own AI silicon—as well as Graviton CPUs. The companies added that AWS users will be able to tap Anthropic’s Claude platform right from their AWS accounts.
Amazon CEO Andy Jassy called the company’s custom AI silicon “hot demand.” Over at Anthropic, CEO Dario Amodei said users now see Claude as “increasingly essential,” adding the deeper partnership is aimed at keeping up with rising interest. Amazon News
Analysts didn’t waste any time. Truist reiterated its Buy on Amazon and stuck with the $285 target, pointing to the Anthropic deal as evidence AWS is getting tighter with one of its most important clients—and that Trainium’s “gaining momentum.” BofA took up its target to $298. KeyBanc pushed its number up to $325 before earnings, both betting on AWS to pick up speed. Investing.com
Amazon set April 29 for its first-quarter earnings release, after the bell. Back in February, the company projected revenue between $173.5 billion and $178.5 billion, with operating income ranging from $16.5 billion to $21.5 billion. Analysts, according to Reuters market data, are looking for earnings to come in around $1.63 a share this quarter.
So AWS finds itself in the spotlight once more. Amazon’s most recent quarterly results showed AWS revenue up 24%. Google Cloud, though, jumped 48%, and Microsoft Azure advanced 39%, according to Reuters in February. Despite holding onto its lead as the largest cloud player, Amazon faces persistent questions over whether its AI investments can move beyond simply shoring up its massive footprint.
Risks are piling up. Back in February, Amazon flagged roughly $200 billion in capital spending for this year—well above the $131 billion eyed for 2025—and that sent shares sliding. “Amazon has to invest at these levels to stay in the race,” D.A. Davidson’s Gil Luria told Reuters. Now, Reuters is reporting Amazon could run negative free cash flow by 2026, as those investment outlays may top what’s left after covering operations and basic needs. Reuters
Oil is muddying the waters again. Brent has pushed past $100 a barrel, with ongoing tension involving Iran and ongoing disruptions by the Strait of Hormuz—factors that may hit shipping and delivery expenses when Amazon delivers its outlook. Kyle Rodda at Capital.com pointed out Thursday that anxiety over possible AI “overinvestment” and softer returns ahead is still very much alive. Reuters
Still, the mood tilts bullish on Wall Street. Out of 70 analysts tracked by Reuters, most rate the stock as Outperform. All eyes now turn to April 29—Amazon’s next shot to prove a blockbuster AI deal can kick cloud growth into a higher gear, fatten margins, and keep cash flowing.
