Amazon Rises After Dual $300 Calls as AI Deals Lift AWS Outlook

Bigger AI workloads point to faster AWS growth.

Overview

Amazon shares, which climbed about 2.8% in pre-market trading Monday, moved after TD Cowen and Barclays reaffirmed bullish ratings with matching $300 targets.
Barclays said Amazon’s partnership with OpenAI brings total committed AWS spending to about $138 billion over seven to eight years.
Updating its model, Barclays now expects the AWS backlog to top $350 billion next quarter and projects revenue growth peaking near 34% in Q3 2026.
TD Cowen expects AWS growth to reaccelerate through 2025 and into 2026 as more customers run artificial intelligence jobs in the cloud.
As a demand signal for hyperscalers, Anthropic reported roughly 35% growth in annual recurring revenue in weeks during Q1 2026, driven by its Claude Code and Cowork tools.