AWS Q3 revenue grows 39% as Fortune 500 Bedrock spending jumps nearly 7X

Amazon Web Services reported 39% revenue growth in Q3, a strong acceleration for a business of its size. The figures point at AI as the driver: Fortune 500 spending on Amazon Bedrock rose nearly sevenfold year over year, token volume grew roughly 17 times, and tens of thousands of customers are now using Bedrock AgentCore, AWS's runtime for production agents.

The gap between spending growth (7X) and token growth (17X) is telling. Customers are consuming far more tokens per dollar, which reflects falling per-token prices and a shift toward cheaper, task-matched models. AWS is building for that pattern. In recent weeks it has added Moonshot AI's Kimi K3.1 Pro Highspeed with a 1M-token context, DeepSeek-V4 models and Ornith coding models on SageMaker JumpStart, and OpenAI's Daybreak security models on Bedrock. AWS executive Swami Sivasubramanian highlighted an internal case where Strands Decider, a decision model, matched an LLM on a large ticketing system at 98% lower cost.

Agent infrastructure is the strategic bet. AgentCore Runtime V2 reached general availability with snapshot-based cold starts and elastic memory. AWS also launched a Web Search API on AgentCore, the Universal Agent Evaluation Framework, Nitro Sandboxes for running agent-generated code in hardware-isolated environments, and an open-source AWS Emulator so coding agents can test against AWS APIs locally. CEO Matt Garman has been arguing publicly that agents first need data access to do real work.

The competition is strong. Zacks noted cloud rivals are gaining pace, and Microsoft reports Azure accelerating on agent compute demand. Google Cloud benefits from Gemini 4 Carbon. Watch whether AWS sustains growth above 35% as comparisons get harder, how much capacity constraints limit Bedrock, and whether the NVIDIA leadership turmoil affects GPU supply plans across all three hyperscalers.