AWS grows 39% to $46B as Bedrock token volume jumps ~17x year over year

Amazon's Q3 results showed AWS revenue of $46B, up 39% year over year and accelerating for a sixth consecutive quarter. Group operating income rose 61%. The standout AI metric was Bedrock: token volume grew nearly 17x and Fortune 500 spend nearly 7x year over year, and AWS now calls it its fastest-growing multi-billion-dollar service.

The call doubled as a product showcase. Bedrock's catalog now includes OpenAI's GPT-6 series, Claude Opus, Sonnet and Haiku 5.5, Kimi K3, Grok 4.7 and GLM 5.3. AWS previewed Bedrock Managed Agents powered by OpenAI, released the open-source Strands harness (claiming 32% lower agent task cost) and previewed a Strands Box sandbox. Continuum, which automatically discovers, prioritizes, validates and remediates software vulnerabilities, is now generally available.

The growth narrative matches the week. Azure grew 48% on the same day, and both hyperscalers say demand exceeds supply. AWS executives, including agentic AI VP Swami Sivasubramanian, framed agents as the company's next multi-billion-dollar bet, organized around single-threaded teams. Bedrock's multi-model catalog, which now hosts its rivals' rivals, is AWS's answer to Microsoft's tight OpenAI integration.

The skeptical read: Amazon missed EPS, and Constellation Research noted that capex is squeezing free cash flow. The 17x token figure is impressive but comes off a small base, and token growth does not equal margin. Watch whether capex guidance rises further and how OpenAI-powered Managed Agents affect AWS's relationship with Anthropic.