$220 billion in 2026 cash capex — mostly for AWS — will be followed by meaningfully higher spending in 2027, Amazon said, tying the outlay to AI-driven cloud demand.
Jassy told analysts AWS is already running at a $184 billion annualized revenue pace, grew 39% from a year earlier, and could expand more than 40% in both 2027 and 2028.
Investor skepticism persisted because the spending surge has already pressured cash flow and followed mixed quarterly results; Amazon shares fell about 6% in after-hours trading.
Amazon argues enterprise AI adoption is still early and that heavy infrastructure spending now is needed to defend AWS leadership as rivals such as Microsoft also pour money into cloud capacity.