AWS grows 39% to $184B run rate as Bedrock token volume jumps 17x

Amazon's third-quarter results showed AWS growing 39.3% year over year to a $184B annual run rate, its fastest pace in nearly five years. Swami Sivasubramanian said customers are moving AI from experiments into production, pulling whole businesses onto AWS.

Bedrock is the engine. Amazon called it the fastest-growing multi-billion-dollar service in AWS history, with Fortune 500 spending up nearly sevenfold and total token consumption up roughly 17-fold. Customers deployed twice as many agents on AgentCore in Q3 as in the previous three quarters combined, and AWS said its custom silicon saved customers more than $2B in the quarter. Bedrock's catalog widened to OpenAI's GPT-6 Astra, Sol and Luna, Anthropic's Claude Opus, Sonnet and Haiku 5.5 and Fable 5.1, plus Moonshot and Z.ai models.

The numbers land the same week Microsoft reported Azure up 48% to $33.2B, so the cloud race is clearly accelerating on AI demand. AWS's pitch is model choice: it now hosts both OpenAI and Anthropic flagships, a neutral-marketplace position Azure and Google Cloud cannot fully match. Andy Jassy also floated a path to $1T in AWS revenue.

The caveat is cost. Investors reacted nervously to soaring AI capital spending, and supply still constrains growth across the industry. Watch whether capex returns show up in margins in coming quarters.