Amazon Stocks Move Lower 1.64% as Anthropic Filing Details AWS Note Conversion Khac Phu Nguyen Wed, November 11, 2026 at 2:10 PM EST 1 min read ANTH.PVT AMZN -1.59% Trade AMZN on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Amazon.com (NASDAQ:AMZN) shares moved lower 1.64% to $269.29 at 10.35 a.m. ET on Wednesday, November 11, in regular trading, after Anthropic's amended filing set out how Amazon Web Services' convertible notes turn into Class N shares when the IPO closes. Up to 276,827,518 shares go to AWS, subject to an ownership cap.
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At the $74 midpoint of Anthropic's range, those conversion shares alone would be worth about $20.5 billion. TradingKey's read of the filing puts Amazon's total holding at roughly 1.92 billion Class N shares, about $142.1 billion at the midpoint. Those shares carry economic rights but no general voting power, and Anthropic runs workloads on AWS Trainium chips.
A $142 billion stake would equal about 4.8% of Amazon's $2.96 trillion market value, making Anthropic's post-IPO price a visible swing factor for Amazon's non-operating income. The bigger lever is AWS: every Claude workload on Trainium supports Amazon's custom-chip economics, though Anthropic also spreads compute across Google, NVIDIA and AMD. GuruFocus gives Amazon a GF Score of 94/100, with Profitability Rank 8/10, Momentum Rank 8/10, Financial Strength 7/10 and GF Value Rank 7/10. At $269.29, the shares trade 4.0% above GuruFocus's GF Value of $258.98, which GuruFocus labels "Fairly Valued." Anthropic's final IPO price sets the first public mark.
