AWS Revenue Accelerates 28% to $37.6B — Fastest Growth in 15 Quarters
What Happened
AWS Q1 revenue rose 28% to $37.6B. Capex nearly doubled year-over-year. Amazon also rolled out three new OpenAI offerings on Bedrock following the dissolution of OpenAI's Microsoft exclusivity, including a jointly built agent service.
My Take
AWS is the quiet winner of the OpenAI–Microsoft breakup. Bedrock now hosts the four most consequential frontier models — Anthropic, OpenAI, Mistral, and Meta — making it the only true "model-neutral" hyperscaler. For enterprise architects, this is the case for standardizing on Bedrock as the abstraction layer. The risk: Amazon's pricing power grows in lockstep, and AWS has historically been the most aggressive on egress fees. Negotiate egress caps in any new Bedrock contract.
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