Financial firm Truist has updated its outlook on Amazon.com (AMZN), raising its share price target and reaffirming a positive investment rating. This revision is largely attributed to the robust performance and future potential of Amazon Web Services (AWS), particularly in its collaborations with leading artificial intelligence entities. Analysts anticipate accelerated revenue growth for AWS, fueled by substantial commitments from partners like Anthropic, which underscore Amazon's pivotal role in the evolving AI infrastructure landscape.

On May 29, 2026, Truist announced an increase in its price target for Amazon.com, Inc. (NASDAQ:AMZN) to $320, up from the previous $310, while reiterating its “Buy” rating. This decision was primarily based on an upward revision of AWS revenue projections for fiscal year 2027 and beyond. The firm's analysts noted that recent, substantial partnerships with Anthropic and OpenAI, amounting to billions in investment and commitment, are expected to significantly boost AWS's financial performance. These partnerships involve Anthropic committing over $100 billion to AWS technologies in the coming decade, including advanced silicon and CPU cores, and Amazon's additional $5 billion investment in Anthropic.

Truist’s analysis suggests that the current market consensus might be underestimating both Amazon’s capital expenditure and revenue growth for fiscal year 2027. The firm highlights Anthropic’s pledge to utilize AWS technologies extensively, encompassing current and future generations of Amazon’s Trainium custom silicon and millions of Graviton CPU cores, as a key driver for this optimistic forecast. Anthropic's commitment to secure up to 5 gigawatts of capacity for training and powering its AI models, including the upcoming Trainium3, further solidifies the long-term revenue potential for AWS.

Furthermore, Amazon's strategic investment in Anthropic, totaling an additional $5 billion with potential for another $20 billion tied to commercial achievements, reflects a deepening partnership. This follows an earlier $8 billion investment, underscoring Amazon’s confidence in Anthropic’s growth and its reciprocal benefits for AWS. With over 100,000 customers already running Anthropic’s Claude models on Amazon Bedrock, the collaboration is proving to be a significant success, positioning Claude as one of the most widely adopted model families within the AWS ecosystem. Amazon’s diverse operations, spanning e-commerce, digital content, advertising, and its expansive cloud computing network through AWS, continue to solidify its market position.

This upward adjustment by Truist underscores the growing synergy between Amazon’s cloud infrastructure and the rapidly expanding AI sector. The long-term financial commitments and strategic investments highlight AWS as a critical enabler for advanced AI development, ensuring a sustained growth trajectory for Amazon in the coming years. This strong endorsement from both hedge funds and Wall Street signals a promising future for Amazon, driven by its foundational role in AI infrastructure.