Amazon.com IncAnthropic's second straight quarter of adjusted operating profit and up-to-5GW AWS capacity agreement signal growing Claude-driven demand for Amazon's cloud and Trainium infrastructure.
Anthropic expects positive adjusted operating income for a second consecutive quarter, according to a September 13 report from Reuters, with the Financial Times saying gross margins exceed 80% before revenue sharing with distribution partners and model-training costs. That accounting boundary matters directly to Amazon.com and Alphabet, the two companies supplying vast amounts of infrastructure to Anthropic. Amazon has invested heavily in Anthropic and built AWS around Claude access and Trainium infrastructure, and Anthropic says its Amazon agreement can involve up to 5 gigawatts of capacity, while its Google arrangement covers 5 gigawatts beginning in 2027. Hedge funds were already crowded into both infrastructure providers: Insider Monkey counted 369 hedge funds holding Amazon in Q2 2026, up from 353 in Q1, with Arrowstreet Capital increasing its stake 24% to 40,346,851 shares, while Alphabet rose to 275 holders from 265 as Berkshire Hathaway increased its Class A position about 45%. On August 31, 77,698,668 Alphabet Class A shares were sold short, equal to 0.72% of float, with 3.48 days to cover. Anthropic's reported adjusted-profit outlook is encouraging, but investors should not confuse a lab-level adjusted metric with proof that every dollar of infrastructure around it earns a high return.
Amazon.com IncAnthropic's second straight quarter of adjusted operating profit and up-to-5GW AWS capacity agreement signal growing Claude-driven demand for Amazon's cloud and Trainium infrastructure.
Alphabet Inc Class CAnthropic's positive adjusted-profit outlook and 5GW Google arrangement starting 2027 point to rising demand for Alphabet's infrastructure.
Berkshire Hathaway IncAnthropic expects a second consecutive quarter of positive adjusted operating income with gross margins above 80%.