Anthropic invests billions of dollars in AWS! JP Morgan: Good news for Marvell Technology, Inc. (MRVL.US) and Astera Labs (ALAB.US)

On April 20, local time, Amazon.com, Inc. (AMZN.US) signed a new agreement with Anthropic, deepening their existing partnership. As part of the expanded collaboration on AI infrastructure development, Amazon.com, Inc. has agreed to make an additional investment of up to $25 billion in Anthropic. Anthropic, in turn, has committed to investing over $100 billion in Amazon.com, Inc.'s cloud services (AWS) technology over the next 10 years, including Amazon.com, Inc.'s current and next-generation proprietary AI chip Trainium, as well as tens of millions of Graviton CPU cores. JPMorgan analysts stated that this latest collaboration between Amazon.com, Inc. and Anthropic will benefit Marvell Technology, Inc. (MRVL.US) and Astera Labs (ALAB.US). In an investor report on Tuesday led by Harlan Sur, JP Morgan analysts said, "We believe Marvell Technology, Inc. and Astera Labs are two key Amazon.com, Inc. suppliers expected to benefit from this agreement. Marvell Technology, Inc. is a long-term ASIC design partner with AWS in the Trainium project (Trainium 2) and is currently ramping up capacity for Trainium 3, with potential for a higher content share in Trainium 4, including Celestial CPO, NVLink, and UALink switches." Currently, Marvell Technology, Inc. has signed a five-year agreement with AWS to supply custom AI ASICs, optical DSPs, AEC DSPs, DCI optical modules, CPOs, and Ethernet switching chips. Analysts noted, "In the Trainium 2 project, we believe Astera Labs is deploying the Scorpio 'P' series switch chips (PCIe head node connection solutions) and complementing its PCIe retimer product portfolio. In the Trainium 3 project, we expect the company to drive significant shipment growth with Scorpio-X (a PCIe-like scale expansion interconnect architecture) by the second half of 2026. In the Trainium 4 project, we believe Astera Labs may have the opportunity to support UALink and NVLink exchange protocols. In addition, Amazon.com, Inc. also uses the company's Taurus AEC network products." According to data from Wells Fargo & Company, Anthropic is already using over 1 million Trainium chips. With the mass production of Trainium 3 starting in the second half of 2026, the computational power capacity corresponding to these chips is expected to reach 2GW by the end of that year. The company's new agreement with Amazon.com, Inc. also includes significant expansion of inference power deployment in Europe and Asia. The agreement also includes the launch of the Claude Platform on AWS. Wells Fargo & Company pointed out that this could give Anthropic a competitive advantage over third-party platforms. The securities division of Bank of America Corp. stated that for Amazon.com, Inc., this agreement may mean further increase in capital expenditure over the next two years. Amazon.com, Inc.'s current capital expenditure plan for 2026 is $200 billion, a significant increase from $131.8 billion in 2025. Analysts Justin Post and Steven McDermott stated in their report, "OpenAI has indicated a consumption of 2GW of Trainium computing power capacity (and potentially undisclosed amount of NVIDIA Corporation's computing power), while Anthropic's disclosed commitment now reaches up to 5GW. Overall, this may represent a considerable portion of the 15GW computing power capacity we previously estimated Amazon.com, Inc. will build by 2027." The analysts added, "If the first-quarter performance of AWS shows lower profit margins for new AI workloads, concerns about capital expenditure return may arise again. However, we believe Amazon.com, Inc. is increasingly able to benefit from the continued growth in demand for artificial intelligence."