SemiAnalysis@SemiAnalysis_ · XGoogle Cloud营收同比增长63%，Microsoft Intelligence Cloud增长30%，AWS增长28%。但AWS利润率环比提升213bps，领先其他云服务商。AWS Bedrock与Anthropic采用Token-as-a-Service（TaaS）商业模式，包含三部分：固定IaaS费用、token收入分成、以及超额绩效支付（达到特定token/消费阈值触发额外付款）。该模式风险是无保底收入，但赌注成功，Anthropic单季度新增210亿美元净新ARR。
Google Cloud revenue showed a +63% y/y growth this past quarter. Microsoft Intelligence Cloud revenue showed a +30% y/y growth this past quarter. AWS revenue showed a +28% y/y growth. Despite this， AWS' margins increased 213bps q/q while the other CSPs lagged behind. How you sell tokens is become equally important to how much of it you sell. Bedrock's TaaS （token-as-a-service） business model with Anthropic has 3 parts：
🟠 fixed IaaS fee， 🟠 revenue share of the tokens， 🟠 and performance hurdles that trigger outperformance payments above certain token/spend thresholds.
The risk with this business model is that there's no guaranteed take-or-pay floor so revenue can miss if adoption stalls but their bet paid off， primarily driven by Anthropic's addition of $21B net new ARR in a single quarter.