BNP Paribas analyst Nick Jones said accelerating AI adoption trends and rising infrastructure demand are reinforcing the strong positioning of major cloud and platform players.

Gemini And Claude Gain Momentum

Jones noted on Thursday that adoption of Alphabet Inc (NASDAQ:GOOGL) (NASDAQ:GOOG), Google’s Gemini, and Anthropic’s Claude continued to rise in March, with both gaining share in website visits and monthly active users.

He added that while OpenAI’s ChatGPT remains the category leader, it lost share across web and mobile during the same period.

AWS Positioned As A Key AI Beneficiary

Jones said data points, including comments from Andy Jassy, support the view that Amazon.com Inc (NASDAQ:AMZN) is well-positioned in AI.

He highlighted Amazon Web Services’ growing AI and chip-related revenue streams, alongside strong demand signals and expanding backlog, as key drivers of its outlook.

Infrastructure Demand Supports Big Tech Investment

Jones pointed to multiple developments underscoring sustained demand for AI infrastructure, including Anthropic’s compute agreement with Google and Broadcom Inc (NASDAQ:AVGO).

He added that use cases like Uber Technologies, Inc (NYSE:UBER) leveraging Amazon’s custom chips and Meta Platforms Inc (NASDAQ:META) launching new AI models highlight continued investment and progress across the ecosystem.

Price Action: Alphabet shares were down 0.53% at $316.78, and Amazon.com shares were up 2.09% at $238.53 at the time of publication on Friday, according to Benzinga Pro data.

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