How much revenue is Amazon making from its AI chips?

Amazon's Trainium AI accelerators and Graviton CPUs are generating more than $20 billion（約3.2兆円） in annualized revenue. The company also has over $225 billion（約36兆円） in commitments tied to Trainium usage from major AI players including Anthropic and OpenAI.

How fast is AWS growing?

AWS revenue grew 28% year over year in the first quarter. On a trailing 12-month basis, the segment now generates $137 billion（約22兆円） in revenue and $48 billion（約7.7兆円） in operating income.

Why is Amazon stock now a better buy than in 2022?

The stock trades at about 18 times operating cash flow, cheaper than the 32 times valuation at the time of the 2022 stock split, despite Amazon's stronger profitability, higher cash generation, and deeper AI capabilities today.

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Amazon stock cheaper than 2022 despite 92% gain, AWS AI push deepens

Yahoo Finance AI2d ago5 min read

Key takeaway

Amazon's stock has risen 92% since its 2022 stock split, but now trades at a cheaper valuation multiple despite stronger profitability and deeper AI capabilities. The company's AWS cloud business is growing at 28% year over year and its custom AI chips are generating over $20 billion（約3.2兆円） in annualized revenue, backed by over $225 billion（約36兆円） in commitments from major AI firms. With record operating cash flow, Amazon is well-positioned to fund continued AI infrastructure expansion.

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3 Key Points

What happened
Amazon shares have nearly doubled since its 20-for-1 stock split in 2022, driven by efficiency gains in retail, strong cloud revenue growth, and a surge in AI infrastructure spending. The company's Trainium AI accelerators and Graviton CPUs are now generating more than $20 billion（約3.2兆円） in annualized revenue, with over $225 billion（約36兆円） in commitments from major AI players including Anthropic and OpenAI.
Why it matters
Despite the stock's 92% climb, it now trades at about 18 times operating cash flow—cheaper than the 32 times valuation at the time of the 2022 split. Operating cash flow has climbed to record levels, giving Amazon more internally generated capital to fund AI infrastructure buildout at a time when training and deploying models requires massive investment in data centers and specialized chips. This positions the company as a potential winner in enterprise AI spending.
What to watch
AWS revenue grew 28% year over year in the first quarter and now generates $137 billion（約22兆円） in trailing 12-month revenue and $48 billion（約7.7兆円） in operating income on its own. Amazon is spending aggressively on AWS capacity, which is why free cash flow is down, but operating cash flow remains a clearer signal of the business's earning power during this investment cycle.

FAQ

How much revenue is Amazon making from its AI chips?: Amazon's Trainium AI accelerators and Graviton CPUs are generating more than $20 billion（約3.2兆円） in annualized revenue. The company also has over $225 billion（約36兆円） in commitments tied to Trainium usage from major AI players including Anthropic and OpenAI.
How fast is AWS growing?: AWS revenue grew 28% year over year in the first quarter. On a trailing 12-month basis, the segment now generates $137 billion（約22兆円） in revenue and $48 billion（約7.7兆円） in operating income.
Why is Amazon stock now a better buy than in 2022?: The stock trades at about 18 times operating cash flow, cheaper than the 32 times valuation at the time of the 2022 stock split, despite Amazon's stronger profitability, higher cash generation, and deeper AI capabilities today.

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