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AWS 2Q25:Following Azure's Acceleration Playbook

FUNDA·July 29, 2025

Trainium, GPU, E-commerce Subsidies

AWS closely resembles last quarter's Azure - starting this quarter, AWS is also entering an acceleration cycle.

Current setup is favorable:

  • Last quarter AWS encountered supply bottlenecks, delaying GPU revenue contribution

  • Last quarter Trainium utilization was very low, and Anthropic hadn't begun using Trainium for large-scale training

  • Anthropic's fastest growth isn't in 1Q25, but in 2Q25

All three trends could reverse in 2Q25.

Let's begin the AWS Preview. Though this Preview is brief, it mainly focuses on model calculations.

AWS

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