企业加快采用 Claude 支持的 AI 资本支出投资论证

Rapid corporate Claude adoption helpssupport AI capex investment thesis Industry Overview Anthropic ramp suggests accelerating enterprise AI spend 08 April 2026 On Monday, Anthropic disclosed that their annualized run-rate revenue surpassed $30bn,up from $9bn at the end of 2025 and $19bn one month ago (seeMarch report onAnthropic’s ARR). Commentary indicates that accelerating demand for Claude has beendriven by enterprise customers, with over 1,000 businesses now spending $1mn+(annualized) on Anthropic models, doubling from 500+ in mid-February. Anthropic alsoannounced a new agreement with Google and Broadcom that, per a Broadcom 8-K, willprovide access to 3.5 gigawatts of TPU-based computing capacity beginning in 2027. EquityUnited States Justin PostResearch AnalystBofAS+1 415 676 3547justin.post@bofa.com Nitin Bansal, CFAResearch AnalystBofAS+1 415 676 3551nbansal7@bofa.com Steven McDermottResearch AnalystBofAS+1 646 855 4472steven.mcdermott@bofa.com AWS likely on an accelerating trajectory into 2Q Anthropic’s ARR has increased roughly $21bn during 1Q (from $9bn to $30bn, seeExhibit1), and we estimate q/q revenues may have increased $3bn+. Assuming a significant shareof Anthropic’s workloads run on AWS (Anthropic reiterated AWS remains the company’sprimary cloud provider and training partner), and a q/q increase in training spend, webelieve Anthropic-related revenues alone could contribute $1.3bn+ to q/q AWS revenues in1Q, well above 1Q Street estimates suggesting $1bn of q/q growth (we believe Amazoncould be on track for $2bn total q/q). Looking forward to 2Q, we believe Anthropic alone ARR: Annualized Run-Rate Revenue AWS: Amazon Web Services TPU: Tensor Processing Unit Anthropic also increasing Google TPU commitments Anthropic’s new agreement for 3.5 GWs of TPU-based capacity is a strong TPUendorsement should drive additional Google Cloud revenues in 2027. It is widelyreported in the press that the 3.5 GW through 2031 is incremental to the 1 GW ofcapacity scheduled to come online in 2026 (announced in October). GCP’s revenuebacklog increased $85bn q/q in 4Q’25, with the majority likely from Anthropic. Based onthe commitment for an incremental 3.5 GW of capacity, that could suggest well over Strong AI demandis positive data point for sector Recent disclosures from Anthropic (and OpenAI) indicating robust AI demand supportscommentary fromhyperscalers that new capacity can immediately be utilized. WithCloud revenue upside likely, incremental 1Q data points that could impact sentiment willlikely be Cloud margins and any changes to capex outlook for 2026.A quarter withCloud revenue beats and unchanged capex plans would likely be welcomed by the Street, BofA Securities does and seeks to do business with issuers covered in its researchreports. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity ofthis report. Investors should consider thisreport as only a single factor in making their investment decision. Source:Anthropic, Bloomberg, CNBC, Inc.com, PYMNTS Price objective basis & risk Alphabet (GOOGL / GOOG, B-1-7 / B-1-7, $305.46 / $303.93) Our price objective of $370/$370 is based on 27x 2027E core Google GAAP EPS pluscash per share. Alphabet has traded at an average multiple of 22x GAAP P/E over the lastten years, and we think our target multiple is reasonable vs history given expectations Downside risks are 1) loss of search traffic to AI tools from competitors, 2) LLMintegration in search may take longer than expected or negatively impact searchrevenues, 3) revenue pressure from compliance with the EU Digital Markets Act (DMA), Amazon.com (AMZN, B-1-9, $213.77) Our $275 PO is based on our SOTP analysis that values AWS at 8x 2027E sales, 1PRetail at 1.0x, 3P Retail at 2.5x, and Advertising at 5.0x. Our 2027E sales multiplescompare to 5.3x for SaaS comps, 1.3x for Retail comps, 2.2x for Marketplace comps, and4.3x for Online Media comps. Our PO implies 3.3x blended 2027E P/Sales, 12x 2027EEBITDA, and 29x 2027E EPS. Downside risks to our price objective are increasing competition from offline and localretailers, AWS client cost optimization impact on revenues and margins, and regulatorypressure on the 3P marketplace. The stock has been subject to heavy volatility in the Analyst Certification I, Justin Post, hereby certify that the views expressed in this research report accuratelyreflect my personal views about the subject securities and issuers. I also certify that nopart of my compensation was, is, or will be, directly or indirectly, related to the specific Disclosures Equity Investment Rating Distribution: Global Group (as of 31 Mar 2026) are expected to have a total return of at least 10% and are the most attractive stocks in the coverage cluster; 2 - Neutral stocks are expected to remain flat orincrease in value and are less attractive than Buy rated stocks and 3 - Underperform stocks are the least attractive