"I've been a Taylor Swift fan all my life. I was so excited to be on the Reputation Tour and I'm so lucky to get to know her as an amazing friend," the 21-year-old "Havana" singer said of Swift. "When I was doing my performance, she's wearing, like, the disco ball dress and I saw her standing there and standing up for me. I mean, she's incredible. She deserves every single thing that she's achieved in her career."
Further praising her friend, Cabello added, "I look up to her so much and I'm so lucky to have her as a friend. I love her."
Cabello and Swift were sitting front row together at the AMAs and had no shortage of adorable moments throughout the night. Most notably was when Cabello threw her hands in the air following Swift's win for Artist of the Year.
Cabello, who won the Best New Artist distinction, revealed she was in awe of her success, but couldn't really enjoy it until her show-stopping performance of her song, "Consequences," was over.
"It's crazy. I have a hard time processing all of it, but I just feel super grateful and, you know, I can't believe it. I really can't," she told ET. "I know that's, like, a very cliche thing to say, but when I come into these award shows, the thing that I think about is my performance. That's kind of the 100% focus of my thoughts go to my performance and trying to get myself as calm as possible. I feel like the awards and all that stuff is obviously, it's just a bonus and it's incredible... I really don't register it until it happens cause I'm so focused on the performance before."
The performance was certainly a success, with Cabello -- sporting a black-and-pink ball gown -- bringing down the house with an orchestra-backed version of her new single.
"I was just really excited to do something that felt like magical and fantasy and very, like, Disney. I always want to do the things that I would want to see, if that makes sense," she said of her performance. "You know, 'Consequences' is the last single from my album, the music video comes out [Wednesday] and I was just really excited to do something that was different than anything I'd ever done before, which makes you nervous."
She continued, "I was very, very nervous for this performance. But I feel like I have a better relationship with nerves now, where I'm like, it's good to care a lot about something, it's good use it as fuel and hopefully I did a good job."
Cabello's performance wasn't the only memorable moment of the night! Watch the video below for more from the 2018 AMAs: