/AI%20(artificial%20intelligence)/Ai%20chip%20by%20Quality%20Stock%20Arts%20via%20Shutterstock.jpg)
Amazon (AMZN) has committed to spend more than $100 billion on Amazon Web Services (AWS) over the next decade in exchange for access to Amazon’s AI infrastructure, Trainium chips, plus deeper integration with its AI stack. Anthropic’s deal with Amazon is a more conservative and realistic version of what Oracle (ORCL) and OpenAI signed a few months earlier.
I would treat Anthropic’s $100 billion deal much more seriously since the company does have the firepower to make this happen. Anthropic is the company behind Claude, the best AI model for coding, and it expects positive free cash flow less than a year from now. Anthropic is also valued at $1 trillion today, even before an initial publice offering (IPO) has happened.
If anything, I expect Anthropic to spend much more than what it has committed to in the next decade.
Unfortunately, investors cannot invest directly in Anthropic today, and investing in Amazon would not provide targeted exposure to AI specifically. What investors can do instead, however, is invest in the two stocks that JPMorgan believes stand to benefit the most from this deal.
Stock #1: Astera Labs (ALAB)
Astera Labs (ALAB) sells hardware that Amazon needs for its AI systems, such as the Scorpio-X switches. These sales are expected to ramp up in the latter half of the year to support Amazon’s Trainium 3 chips as Anthropic’s orders scale. Big AI clusters need fast data movement between servers and racks, so JPMorgan is betting that Anthropic’s commitment will pull significantly more demand toward Astera’s products.
JPMorgan expects Astera Labs to have a "meaningful volume ramp" later this year, especially as Amazon also uses the company's Taurus AEC networking products. At least some of the money will likely spill into Astera Labs' top and bottom lines due to the shortage and massive backlog across AI cabling and connectivity components.
ALAB stock already jumped on this deal, but it has since retreated below $200. I believe this is a buying opportunity as the broader AI buildout has shown no sign of slowing down. Until you see hyperscalers scaling back their plans to keep building, there's no reason to be bearish on ALAB stock.
Stock #2: Marvell Technology (MRVL)
JPMorgan recently pointed out that Marvell Technology (MRVL) has a five-year agreement with AWS. Marvell sells AI ASICs and several other high-demand components and modules to Amazon, and it has plenty of opportunity to scale as demand grows. If AWS is going to scale, you can bet that Marvell will be receiving orders under this agreement.
Analysts are also not just looking at this one Anthropic-Amazon agreement. The bull case for both ALAB and MRVL stock rests on a much larger phenomenon where AI companies are quickly grabbing whatever spare capacity they can get to meet their compute needs.
Bank of America analysts recently noted that OpenAI is likely to consume 2 GW of Trainium capacity, alongside Anthropic's 5 GW commitment. Amazon itself is looking at a $200 billion 2026 capex plan, up from $131.8 billion last year.
You cannot argue that Astera Labs and Marvell Technology are going to see a lull while the rest of the data-center sector keeps building out aggressively. The massive capex figures will flow mostly into AI components that are desperately needed, as more than half of all under-construction data centers are facing delays or cancellations due to supply not meeting demand.
Thus, it makes sense why these two stocks will likely be big winners.
