The firm estimated that the AI startup Anthropic should contribute about 1 percentage point of additional growth to AWS revenue in the second half compared with the first half, +2.4% vs. +1.3%. That supports the potential for stock outperformance in the second half of 2025, the firm said.

Amazon's stock sank on Thursday afternoon, weighed down by mixed guidance and AI competition, though the company beat Q2 earnings expectations.

Amazon is scheduled to report second-quarter earnings after the market closes on Thursday, with analysts overwhelmingly bullish on the online retail and cloud services giant's stock.