Amazon's 2026 cash capex guidance stands at approximately $220 billion following its July 30, 2026, Q2 earnings update, up from a prior $200 billion target due to elevated memory chip costs amid surging AI infrastructure demand. AWS revenue accelerated to 36.7% year-over-year growth with a $496 billion backlog, yet management noted persistent capacity shortages through 2027 and free cash flow pressure as data centers ramp. Actual quarterly spending has already reached levels like $53 billion in Q2, positioning outcomes near or above guidance depending on memory pricing, construction timelines, and any further revisions. Traders will focus on the upcoming late-October Q3 earnings release for updated spending trajectories, operating income guidance between $22.5–26.5 billion, and signals on whether demand outpaces the current plan.