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Core Insights - Amazon's cloud computing business, AWS, has achieved its fastest revenue growth since 2022, with a 20% increase in Q3, up from 17.5% in Q2, indicating a strong momentum despite still lagging behind Microsoft and Google in growth rates [1][5] - The market's expectation for AWS's accelerated growth is based on the demand for AI computing power exceeding supply, with the ability to build data centers quickly being a key competitive advantage [4] - Amazon is aggressively expanding its AI infrastructure, adding 3.8 gigawatts of data center capacity in the past year, which is more than any competitor, and plans to spend approximately $125 billion on capital expenditures this year [5][6] Revenue and Growth - AWS's Q3 revenue reached $33 billion, significantly higher than analysts' estimates for Microsoft Azure at around $23 billion, showcasing AWS's strong market position [1] - The revenue growth from Anthropic, a major AI client, is expected to contribute nearly 2 percentage points to AWS's revenue growth this year, highlighting the importance of strategic partnerships [5] Competitive Positioning - Amazon's focus on cloud computing as a priority area for AI investment contrasts with Microsoft's more diversified priorities, which may be limiting Azure's growth [6] - AWS's slower growth can be attributed to its larger revenue base, making high growth more challenging, but the recent acceleration to 20% suggests potential for future breakthroughs [7] Infrastructure and Supply Chain - The ongoing imbalance between AI computing demand and supply is expected to persist for several quarters, but AWS's recent growth indicates it may overcome supply constraints if infrastructure expansion proceeds smoothly [7]