AI firm Anthropic has committed $100 billion to Amazon Web Services (AWS), which, according to five-star J.P. Morgan (JPM) analyst Harlan Sur, is expected to benefit key semiconductor suppliers like Marvell Technology (MRVL) and Astera Labs (ALAB). The deal focuses on Amazon’s Trainium and Graviton chips, along with a planned 5 gigawatts of compute capacity. Because both companies help power Amazon’s AI infrastructure, Sur sees them as direct winners from this agreement. As a result, their stocks moved higher, along with tech giant Amazon (AMZN).
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Forget margin or options. Here's how the pros trade ALABInterestingly, Marvell has been a longtime partner of Amazon when it comes to designing custom AI chips and is already working on future versions of Trainium. At the same time, Astera Labs provides key connectivity hardware that helps these systems run efficiently. As newer chip generations roll out, both companies are expected to benefit from higher demand. In addition, Anthropic is already using over one million Trainium chips, with total capacity expected to rise significantly by 2026.
This deal also highlights just how quickly AI infrastructure is expanding. Indeed, Anthropic plans to launch its Claude platform directly on AWS, which could strengthen its competitive position. Meanwhile, Amazon is increasing its investment in Anthropic and may commit even more if certain targets are met. In addition, Amazon’s capital spending could reach around $200 billion in 2026. And while that may raise short-term concerns, analysts still believe Amazon is well-positioned to benefit from long-term AI demand.
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Turning to Wall Street, out of the three stocks mentioned above, analysts think that AMZN stock has the most room to run. In fact, AMZN’s price target of $286.23 per share implies almost 13.7% upside potential.
