Amazon, the commerce and cloud-computing group AMZN, moved higher to $249.56 on Monday, up 0.63% at 10.10am EST. Anthropic’s public IPO filing put fresh attention on Amazon’s dual role as investor and computing supplier. Reuters previously reported that Anthropic committed at least $110 billion to Amazon under long-term infrastructure agreements. That creates a substantial demand pipeline, but commitments take time to become revenue.
Amazon’s second-quarter results capture the tension. Sales climbed 20% to $200.6 billion, with AWS revenue rising 37% to $42.2 billion. Yet the earnings headline included $53.4 billion in non-operating pretax income, primarily from Anthropic investments. Meanwhile, heavier AI infrastructure spending helped push trailing 12-month free cash flow to negative $7.6 billion. Cloud growth, investment gains and cash generation tell different stories.
The shares sit just 1.12% below the displayed GF Value estimate of $252.39, suggesting little valuation cushion…
