Amazon holds 164M non-voting Anthropic preferred shares as of Sept 30

The structure of these stakes matters more than their size: non-voting preferred shares in Anthropic give Amazon economic exposure without governance, while the OpenAI position sits in the same preferred-share format. For a market used to reading AI equity ties as strategic control, this disclosure frames Amazon as a financial backer rather than a boardroom player in either developer. Whether preferred-share exposure of this kind becomes the template for Big Tech's AI holdings is the open question worth watching.