Amazon’s AI Resurgence: AWS & Anthropic’s Multi-Gigawatt Trainium Expansion

Two-and-a-half years ago, we flagged a looming “cloud crisis” at AWS. Today, the evidence has mounted. AWS is the crown jewel of the Amazon empire, generating ~60% of group profits, and dominating the lucrative Cloud Computing market. But it struggles to translate this strength into the new GPU/XPU Cloud era. Microsoft Azure now leads the market on quarterly new cloud revenue, and the gap between Google Cloud and AWS has materially narrowed especially with Google’s big moves on the TPU that we’v...