Amazon Nears $3 Trillion on $50B Chip Run Rate and Agentic AI Momentum

By early June 2026 Amazon shares rallied toward the $3 trillion threshold after May worries over free-cash-flow compression gave way to accelerating AI demand. AWS reached a $150 billion annualized run rate with 28% YoY growth and backlog figures climbing to $464 billion, including major commitments from OpenAI and Anthropic. Custom Trainium and Graviton chips already deliver a $20 billion run rate and are projected to hit $50 billion if sold externally, while a roughly $200 billion 2026 capex cycle is now viewed by investors as justified by durable multi-year AI revenue visibility and new agentic-AI positioning.