With AWS coming off an excellent Q3 that saw revenue jump 39% to $46 billion, Amazon CEO Andy Jassy said the hyperscaler’s upward trajectory will continue for at least the next two years as he projected AWS growth rates of more than 40% for both 2027 and 2028.
Per the chart below, AWS’s 39% Q3 growth rate marks the 7th straight quarter of accelerating growth, so Jassy’s projections for hypergrowth (40% or higher) throughout the next two years mark an extraordinary turnaround from a few years ago when AWS’s growth slipped dangerously close to single digits. And while the AI Revolution has certainly been a primary catalyst for the industrywide upswing, AWS deserves enormous credit for identifying and jumping into huge growth markets:
Q3 token volume for the Bedrock inference service grew by 17X, with Fortune 500 companies spending almost 7X more year-over-year; and as reported three months ago, both the AWS AI business and the AWS chip business have “eclipsed run rates of more than $25 billion.”
So, how do AWS’s Q3 results stack up against those released the day before by Google Cloud and Microsoft Cloud?
Here are the comparable graphics I posted in an analysis late last week in my comparisons of the results for Google Cloud and Microsoft Cloud for calendar Q3:
| Q3 ’26 | Q2 ’26 | Q1 ’26 | Q4 ’25 | Q3 ’25 | Q2 ’25 | |
|---|---|---|---|---|---|---|
| Google Cloud | ||||||
| Growth rate | 103% | 82% | 63% | 48% | 34% | 32% |
| Revenue | $30.7B | $24.8B | $20B | $17.7B | $15.2B | $13.6B |
| MSFT Cloud | ||||||
| Growth rate | 30% | 27% | 29% | 26% | 26% | 27% |
| Revenue | $63.9B | $59.3B | $54.5B | $51.5B | $49.1B | $46.7B |
| AWS | ||||||
| Growth rate | 39% | 37% | 28% | 24% | 20.2% | 17.5% |
| Revenue | $46.0B | $42.2B | $37.6B | $35.6B | $33.0B | $30.9B |
Final Thought
While each of these superb companies deserves kudos for those great results, let’s be clear about the relative levels of performance: 30% growth for Microsoft Cloud, 39% growth for AWS, but 103% for Google Cloud.
And, in light of those numbers from not just Q3 but also the past few quarters, I will repeat what I said in my analysis from late last week: Google Cloud has clearly established itself as the leader in enterprise AI, the latest phase of the greatest growth market the world has ever known.
