There is a popular myth right now: AI products are so powerful that customers just find them, try them, swipe a credit card, and revenue explodes.

$11.5B committed in a single day to distribute AI through private equity portfolios. OpenAI and Anthropic just made PE firms their newest “channel partners”.

ServiceNow just crossed $1B in AWS Marketplace. It is one of the fastest ramps to $1B on AWS in just ~2 years. This milestone matters even more because of what ServiceNow is now selling through AWS marketplace.

Last quarter two hyperscalers signed 7- and 8-figure deals with Datadog. Partners can be customers too. Datadog posted its first $1B+ revenue quarter, up 32% YoY. RPO surged +51% YoY to $3.48B.

Microsoft’s latest earnings call revealed how it’s rethinking AI monetization. Microsoft’s AI business crossed $37B in annual revenue run rate, up 123%.

Amazon shares hit an all-time high last week after reporting AWS’s fastest growth in 3+ years. AWS backlog reached record $364B. AWS grew 28% in Q1 on a $150B annual run rate. Acceleration like that on a base this large is almost impossible.

Google Cloud’s revenue grew a stunning 63% YoY. Commit backlog hit $462B (~2X in a single quarter). But the key partner signal was this: partner-sold Gemini Enterprise seats grew 9X YoY.

AWS, Azure and Google Cloud reported staggering revenue growth numbers last week. Combined cloud backlog exceeds $1.2 Trillion. All three are capacity constrained. Here’s a quick breakdown.

Google Cloud Next last week had many AI announcements, but the biggest partner signal was clear: Google is turning agentic AI into an ecosystem motion.