AWS revenue up 39% in Q3 as Fortune 500 Bedrock spending rises nearly 7X

Amazon reported 39% AWS revenue growth in Q3, according to The Globe and Mail. The AI-specific metrics stand out: Fortune 500 spending on Amazon Bedrock rose nearly 7X year over year, Bedrock token volume grew nearly 17X, and tens of thousands of customers now use Bedrock AgentCore, AWS's agent runtime.

The gap between 17X token growth and 7X spending growth indicates falling unit prices. Customers are consuming far more tokens per dollar as model prices drop and routing tools improve. That matches this week's evidence: Swami Sivasubramanian says Amazon engineers replaced an LLM with a Strands Decider model at 98% less cost, and NVIDIA's Switchyard router promises 80% task success at about a third of the cost.

The competitive picture is tight. Microsoft reported Azure up 48% to $33.2B, and the coverage headline notes cloud rivals "gain pace." AWS's growth is strong but slower than Azure's on a percentage basis. AWS is answering with breadth: Claude Fable 5.2, Kimi K3.1 Pro and OpenAI's Daybreak models all arrived on Bedrock this week.

Watch whether rising agent workloads through AgentCore start to show up as a reported revenue line, and whether price cuts keep compressing revenue per token.