Investing.com -- Amazon is expected to get boost from its cloud unit as artificial intelligence spending ramps up, says Barclays as it sees stronger outlook for the company.

The brokerage said Amazon Web Services is poised for a more meaningful acceleration in growth, driven by demand for “agentic” AI workloads and rising spending from major AI developers.

It expects AWS growth to reach about 34% in the third quarter of 2026, above consensus, before moderating.

“AMZN shares haven't really done much over the past few years, and we are hopeful that the company's improving position in AI is a catalyst to unlock value,” says analysts.

“Investors are grappling with things like fuel price impact on shipping costs and other near-term items, but we think AWS acceleration, IPOs from leading AI labs, and the growing momentum in agentic AI in enterprise could be the story looking ahead”

A key driver is a long-term agreement with OpenAI, which Barclays estimates could bring roughly $138 billion in spending over seven to eight years. The bank expects a gradual ramp beginning in 2026, with a more visible contribution from the second quarter onward.

Barclays also highlighted rapid growth at Anthropic, where annual recurring revenue has risen sharply in early 2026, supported by enterprise adoption of its AI tools. It expects Anthropic’s spending on AWS to scale significantly this year.

The firm raised its 2027 AWS revenue forecast by 5% and expects cloud growth to remain above consensus through 2027. It estimates AWS AI-related revenue could more than double to over $10 billion by the end of 2026 and reach as much as $75 billion by 2028.

Barclays said AWS is well positioned to gain share in AI infrastructure, supported by partnerships with leading AI labs and expanding compute capacity. It expects the company to roughly double its infrastructure capacity by 2027, largely to support AI workloads.

Barclays said the longer-term narrative is shifting toward AI-driven growth. It added that improving visibility on cloud growth and potential public listings of AI companies could help drive a re-rating in Amazon’s shares.