In “Investing in the Age of AI: Too Late or only the Beginning?”, I argued that rising share prices of AI stocks tell only half the story. The other half is the rising earnings power of the businesses underneath them. AI is creating demand for applications, models, computing infrastructure and chips that can reinforce one another.Amazon deserves a closer look through that framework. It can earn money supplying AI infrastructure through AWS, participate in the value of leading model companies through its investments, and use AI to improve the economics of its own enormous retail network.That last opportunity brings the AI flywheel into the physical world. A better model can help a business write software. But it can also help a warehouse move inventory, a robotic arm handle an unfamiliar object, or a delivery network place products closer to the customer.The attraction with Amazon is the combination. Amazon owns the place to sell computing power, relationships with and significant economic stakes in companies developing intelligence, and a vast e-commerce and logistics business in which to put that intelligence to work. For investors the ultimate question is how much of the resulting growth and productivity ultimately turns into cash for shareholders.AWS and the road toward $1 trillionAWS generated $42.2 billion of revenue in the second quarter of 2026, growing 36.7% from a year earlier. That puts its annualized quarterly revenue at approximately $169 billion. Growth is accelerating from an already enormous base. On the July 30 earnings call, Andy Jassy said AWS could:“very possibly be a trillion-dollar annual revenue business for us in time”— Andy Jassy, CEO, Q2 2026 earnings call, July 30, 2026.My own ten-year model arrives at approximately $179 billion of AWS revenue in 2026, $467 billion in 2030 and $917 billion in 2035, which equates to roughly 20% annual growth from the 2026 base. Notably, my 2035 base case scenario for AWS is still below the one-trillion dollar ambition.Figure 1: Revenue by reported segment. Dashed lines are base case forecasts; advertising remains within the retail segments.Management reports approximately $496bn of AWS backlog. OpenAI’s additional $100bn AWS agreement over eight years and Anthropic’s more-than-$100bn commitment over ten years support demand visibility. Below, I explain my ten-year owner-earnings model, the shareholder returns it implies, and how Amazon’s investments in Anthropic and OpenAI fit the investment case. This is the analysis behind my decision to increase Amazon to 10% of my portfolio.