AWS could reach $1 trillion in annual revenue by 2036.
Last quarter it had $169 billion in revenue, growing 37%.
AI demand is driving the growth.
What happened
AWS hit $169 billion in annual recurring revenue last quarter, with sales up 37% year over year. CEO Andy Jassy now says the division's annual revenue could eventually surpass $1 trillion.
Why it matters
AI demand from partners like Anthropic is accelerating AWS growth, its fastest since 2021. If AWS averages 20% growth over the next decade, its revenue could reach $1 trillion by early 2036, which would mean hundreds of billions in operating earnings.
What to watch
Amazon has forecast capital expenditures of up to $220 billion this year, mostly for AWS data centers. The stock's current market cap is $2.8 trillion, and the retail business is also growing.
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