AWS grows 39% to ~$46B; Bedrock Fortune 500 spend up ~7x as Jassy predicts 6-8 dominant models

Amazon's third quarter put numbers on the agentic shift. AWS grew 39.3% to roughly $46B, which Swami Sivasubramanian called its fastest growth in nearly five years. The backlog jumped to $578B, with new commitments from Meta, NVIDIA and OpenAI. AWS says it is installing an AI accelerator about every 14 seconds, and Amazon expects $220B in 2026 capex.

Bedrock is the engine. Fortune 500 spend on it rose nearly sevenfold year over year, token consumption about 17-fold, and customers deployed twice as many agents on AgentCore in Q3 as in the prior three quarters combined. The model shelf widened to OpenAI's GPT-6 Astra, Sol, Luna and GPT-6.1 Sol and Terra; Anthropic's Claude Fable 5.1, Opus 5.5, Sonnet 5.5 and Haiku 5.5; Kimi K3, Grok 4.7 and GLM 5.3; plus built-in web search for OpenAI models. AWS says custom silicon saved customers more than $2B in the quarter.

Jassy framed the strategy: enterprises will settle on six to eight primary foundation models handling most production work, orchestrated dynamically through Bedrock. He projected $1T in annual AWS revenue within 5-10 years. That bet favours a neutral multi-model platform over a single house model, the opposite of Google's Gemini-first pitch, and it sits beside Azure's 48% growth on the same week.

Investors were not uniformly cheered. Coverage of the call notes nervousness about capex. AWS's own FinOps playbook for Bedrock, urging teams to attribute every dollar and enforce budgets, shows customer bills are rising fast too.