Amazon's 2026 cash capex guidance now stands at approximately $220 billion following the July 30 Q2 earnings release, up from the $200 billion target held since February, driven primarily by elevated memory-chip prices and expanded AI/data-center buildout to address capacity shortfalls. AWS revenue grew 37% year-over-year to $42.2 billion—the fastest pace in 18 quarters—with a $496 billion backlog underscoring committed demand, while Q2 cash capex reached $53 billion and trailing-twelve-month free cash flow turned negative at $7.6 billion amid the spending surge. Management explicitly noted that even this level will fall short of 2026 demand and that the pattern is expected to persist into 2027, consistent with the broader hyperscaler AI arms race where peers have similarly lifted plans. With 2025 capex at $132 billion as a base, the trajectory reflects sustained infrastructure needs rather than one-time outlays. The next potential update arrives with Q3 results in late October, alongside any shifts in memory pricing or customer commitments that could alter the full-year run rate.