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've been posting about for over a month. Markets have noticed. Year-to-date, Amazon is the clear laggard among the four tech-and-AI titans as investors mark down the company most for losing momentum in AI.

Today, SemiAnalysis is back with another out-of-consensus call. While the market overplays the Cloud Crisis theme, we call for an AWS AI Resurgence. We laid out our thesis a month ago to our Core Research subscribers, forecasting an upcoming acceleration beyond 20% year-over-year growth by the end of 2025.

Amazon’s savior has a name: Anthropic. The startup has been the clear outperformer in the GenAI market in 2025, multiplying revenue fivefold year-to-date to reach $5B annualized.

To keep that trajectory, Anthropic is betting hard on Scaling Laws. While Dario’s startup draws fewer headlines than OpenAI, xAI and Meta Superintelligence, it isn’t shy about investment. AWS has well over a gigawatt of datacenter capacity in final stages of construction for its anchor customer. AWS is building datacenters faster than it ever has in its entire history. And there’s much more on the horizon.

To understand and forecast GPU/XPU power capacity by AI Lab broken down by Cloud Provider, we rely on our proprietary Datacenter Industry Model powered by real-time satellite imagery. Trusted by all hyperscalers, AI labs, and the world’s largest investors, it provides a quarterly building-by-building datacenter forecast for OpenAI, Anthropic, xAI, Meta Superintelligence, Google DeepMind, and more. Contact us for more information.

Trainium vs GPUs

While Amazon’s AI Datacenters are impressive in scale and speed, the design of individual building is unremarkable. Hyper-optimized for air-cooling, this blueprint is identical to 5-year-old traditional AWS Cloud datacenters.

What makes these facilities unique is their inside: they’ll host the world’s largest cluster of non-Nvidia