NVIDIA and Amazon Web Services have announced a partnership to bring Blackwell-architecture GPU instances to production scale on AWS, marking the next step in the hyperscaler's AI infrastructure buildout. NVDA's Blackwell generation is the company's most advanced data-center GPU line, and landing it on AWS at scale represents a significant commercial validation. NVDA reported $215.9B in revenue for FY2026 — up 65.5% year-over-year — with a 71.1% gross margin and $4.90 diluted EPS, figures that reflect the ongoing GPU supply crunch and pricing power.

For AMZN, the partnership signals that AWS is willing to lean on third-party silicon alongside its own Trainium and Inferentia chips to meet surging enterprise AI demand. AWS remains the largest cloud provider globally, and offering Blackwell instances keeps it competitive against Azure's own NVDA GPU deployments. AMZN's overall revenue grew 12.4% YoY to $716.9B, with a 10.8% net margin, and AWS is the highest-margin segment within that.

The second-order tension here is whether this deepens NVDA's moat or simply confirms what the market already prices in. NVDA trades at a steep premium, and a partnership announcement — rather than a revenue guidance raise — may move the needle less than bulls hope. For AMZN, the read is more straightforwardly positive: committing to Blackwell at scale suggests AWS capex is being deployed aggressively, which supports the cloud revenue acceleration narrative.

The key variable to watch is whether Blackwell instance availability translates into a measurable AWS revenue uplift in upcoming quarters, and whether NVDA can sustain margins as production volumes ramp. Any signal of supply constraints easing — or competitor silicon gaining enterprise traction — would be the primary risk to the NVDA leg of this story.