What does the Anthropic boom mean? Bank of America: As long as large models keep advancing rapidly, those selling shovels and renting computing power will make steady profits without losses!

What does the Anthropic boom mean? Bank of America: As long as large models keep advancing rapidly, those selling shovels and renting computing power will make steady profits without losses!

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Anthropic's revenue is skyrocketing, reshaping investors' expectations for the entire AI infrastructure sector.

According to Wind Chaser Trading Desk, a Bank of America Securities research report on April 8 pointed out thatthe accelerated expansion of enterprise customer demand for Anthropic not only directly benefits its main cloud computing partners Amazon AWS and Google Cloud, but also provides strong practical support for the core investment thesis of "sustained high AI capital expenditure."

This week, Anthropic disclosed thatits annualized revenue run rate (ARR) has surpassed $30 billion, a staggering increase compared to $9 billion at the end of 2025 and $19 billion just a month ago.

The main driving force comes from enterprise-level customers. The number of enterprises with annualized spending exceeding $1 million has doubled from 500 in mid-February to over 1,000. At the same time, Anthropic announced new agreements with Google and Broadcom to secure 3.5 gigawatts of TPU computing power from 2027 onwards to meet the "massive demand from customers."

Anthropic's revenue is surging, enterprise demand is the core driver

Anthropic's revenue growth curve is nearly vertical. According to the company, its ARR jumped from $9 billion to $30 billion in one quarter, with a quarterly increase of approximately $21 billion.

According to Bank of America's estimates, the corresponding sequential quarterly actual revenue growth may exceed $3 billion.

Enterprise clients are the core growth engine. The number of enterprise customers with annualized consumption over $1 million doubled from more than 500 to over 1,000 in less than two months, showing a significant acceleration in the commercial deployment of Claude models.

Anthropic has characterized this trend as "massive demand" from customers andstated that the new computing power will be used to support its frontier Claude models.

AWS Revenue Prospects: Anthropic's contribution may exceed market expectations

Amazon AWS is Anthropic's main cloud service provider and training partner, making it a direct beneficiary of Anthropic's demand explosion.

Given that a large amount of Anthropic's workloads run on AWS, and given the quarter-on-quarter growth in training expenditure, business related to Anthropic alone could bring AWS more than $1.3 billion in incremental sequential revenue this quarter.

This figure has already far exceeded Wall Street's previous expectation of about $1 billion for total AWS sequential quarterly growth. Amazon's AWS could see sequential growth of up to $2 billion this quarter.

Looking ahead to the second quarter, Anthropic alone could again contribute over $1 billion to AWS's sequential incremental revenue. It should be noted, however, that if the additional revenue from Anthropic has a low profit margin, the boost to AWS's earnings outlook may be relatively limited.

Google TPU megadeal: May bring over $100 billion potential backlog orders

Anthropic's new agreement with Google and Broadcom also injects strong momentum into Google Cloud's long-term revenue outlook.

Anthropic signed a new agreement with Google and Broadcom, covering 3.5 gigawatts of TPU computing power, effective from 2027 to 2031. According to widespread media reports, the 3.5 gigawatt capacity supplements the previously arranged 1 gigawatt to come online in 2026, announced in October last year.

Google Cloud's order backlog in Q4 2025 increased by $85 billion quarter-on-quarter, most of which may come from Anthropic.

Based on the new commitment of 3.5 gigawatts of computing power,this could mean Google will add over $100 billion in contract backlog—however, this deal was announced after the end of the first quarter and has not yet been reflected in the latest quarterly data.

Notably, these spending commitments depend on Anthropic's "continued commercial success," implying that the business momentum of Anthropic and even OpenAI will be important variables influencing market expectations for Google and Amazon stocks.

Implications for Investors: Upward cloud revenue revisions and capex expectations are key

The latest disclosures from Anthropic (and OpenAI) resonate with the AI demand scenario painted by hyperscale cloud vendors, reinforcing the credibility of the "AI capital expenditure investment mainline."

For the upcoming earnings season, the likelihood of cloud revenue outperforming expectations is rising.The quarterly marginal variable with the greatest impact on market sentiment will be the profit margin performance of cloud businesses, and whether companies adjust their 2026 capital expenditure plans.

If cloud revenue exceeds expectations and capital expenditure plans remain unchanged, it is "very likely to be welcomed by the market."

Based on the above logic, Bank of America maintains a "Buy" rating on both Amazon and Alphabet. The target price for Amazon is $275 (based on a sum-of-the-parts valuation, AWS calculated at 8x estimated 2027 revenue);

Alphabet's target price is $370 (based on 27x estimated 2027 GAAP EPS plus per-share cash). Analysts believe both companies are well positioned to capture the dividend from growing enterprise AI demand.

 

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