Hyperscalers Are Faking AI Demand: 73% of AWS AI Revenue Comes From OpenAI and Anthropic
The AI Demand Bubble
The AI boom is a circular-financing mirage. New analyst estimates show that OpenAI and Anthropic account for the vast majority of AI revenue at Amazon, Microsoft, and Google Cloud — 73% at AWS, 74% at Microsoft, and over 70% at Google. These two unprofitable labs are propped up by billions in investments from the very hyperscalers they pay for compute, creating a feedback loop that masks the absence of real AI demand. The piece argues that the big three are misleading investors by not disclosing this concentration, and that their cloud growth would collapse without these two load-bearing customers.
The vast majority of Microsoft, Google and Amazon’s AI revenues and revenue growth in their representative cloud platforms are from Anthropic and OpenAI, and they are blatantly, unashamedly misleading investors by not disclosing that this is the case.