Amazon soared nearly 14% last week, nearly four times the rise of the S&P 500, after the United States and Iran agreed to a two-week cease-fire. However, Evercore ISI believes that artificial intelligence giant Anthropic is the reason for the stock price rise. Analyst Mark Mahaney said in a note Monday that the potential use of the hyperscaler’s Trainium chip to train Anthropic’s new Mythos model is driving Amazon’s results. In fact, Amazon’s stock price rose nearly 20% from March 27, the day after news of the Mythos model first leaked, to Friday’s close. Mythos had the software market buzzing all last week after Anthropic announced it would preview the model to some users after its AI system was able to discover a previously unknown bug in its cybersecurity system. It raised concerns about what would happen to the Internet’s infrastructure if hackers and other malicious people used this model. Although Anthropic has not publicly announced that it used Amazon’s Trainium chip to train Mythos, Evercore technology, media and communications analyst Kevin Rippey suggested in a report that this was the case. AMZN Mountain 2026-03-27 Amazon Stock since March 27 “Of course, we knew (or at least didn’t discuss it much) that Opus, another Anthropic AI model, was trained on Trainium. But I would argue that investors were not ready for something like Mythos to be possible on the n-1 generation of Trainium hardware,” Rippey said. he writes. Amazon Web Services CEO Matt Garman said something similar last week when discussing Anthropic’s model in an interview with CNBC’s Kate Rooney. “The models, all the models that are released today, are trained on Trainium,” he said. Using Trainium chips to develop Mythos represents “product proof” for Amazon’s chip product, proving it is more powerful than investors previously thought, Mahaney wrote. “If Trainium 2 is powerful enough to help train Mythos, Amazon’s Trainium product could not only deliver 30-40% better price-performance than GPU-based instances, but also be much more robust than what’s available on the market,” Mahaney wrote of the graphics processing unit chip. Combined with Amazon’s other drivers, such as growth in its retail and advertising divisions, the use of Trainium chips in AI could lead to the same moment investors faced with Google’s parent company Alphabet last September, Mahaney said. Following favorable antitrust rulings at the time, investors began viewing Alphabet as an AI winner rather than a loser due to concerns about its search business. Alphabet soared more than 60% in the following five months. Mahaney reiterated Evercore’s outperform rating on Amazon stock and a 12-month price target of $285, nearly 20% above Friday’s closing price.
