Barclays는 여전히 Amazon 주식에 크게 베팅하고 있습니다: AMZN은 '계속해서 초과 성과를 낼 것'이라고 밝혔습니다

Wall Street has plenty of opinions on Amazon (AMZN). Some see massive upside, while others worry about the company's enormous spending plans. Barclays is planting its flag firmly in the bull camp — and it's backing that call with some very compelling numbers.

Barclays believes AMZN stock is positioned to outperform other mega-cap tech stocks, pointing to a wave of new disclosures from Amazon's shareholder letter. Barclays argues these disclosures make the case for Amazon Web Services (AWS) even stronger than before.

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Amazon's AI Business Is a Key Driver

To understand why Barclays is bullish, it helps to know what AWS is and why it matters so much to Amazon's future. AWS is the tech giant's cloud computing division. It rents computing power, storage, and software tools to businesses of all sizes, from scrappy startups to Fortune 500 giants. It's also where Amazon is making its biggest bets on artificial intelligence (AI).

Cloud and AI are deeply connected. Companies that want to run large-scale AI workloads need massive computing infrastructure, and AWS is one of the few entities on earth with that kind of scale.

That's the backdrop for why Barclays is so excited. According to Amazon's latest disclosures, AWS AI revenue reached a $15 billion annualized run rate (ARR) in the first quarter of 2026. Barclays also believes that figure is “ascending rapidly.” For context, CEO Andy Jassy reported in February that AWS grew 24% year-over-year (YOY) in Q4 2025, its fastest growth rate in 13 quarters, making it a $142 billion ARR business.

Barclays noted that, while Amazon's AI position has long been "one of the more highly debated" topics among investors, the fresh data provides "additional confidence around AWS upside from AI over coming years."

Barclays Says the AWS Chip Business Is a $50 Billion Asset

Amazon's custom chip unit is also raking in sales at an accelerated pace. Amazon disclosed that its chips division, which includes the Trainium and Graviton processors, now runs at an annual revenue rate of $20 billion. Barclays pointed out that if the chip business were sold to outside customers as a standalone operation, it "would be ~$50 billion." That's a striking number for a business most investors barely think about.