Amazon AWS: The Path to a Trillion-Dollar Revenue

Morgan Stanley projects AWS compute capacity will expand from 14GW in 2025 to 120GW by 2035, and if compute monetization efficiency reaches $12 per watt, AWS revenue could surpass $1 trillion. As the business scales, its AI business margins may follow the expansion trajectory of its core cloud operations, with long-term EBIT margins potentially reaching approximately 30%.