Amazon's 2026 cash capital expenditure guidance now stands at approximately $220 billion, up from an earlier $200 billion target set in February, after management cited higher memory costs amid surging AI-driven demand during the Q2 2026 earnings call. The bulk of spending targets AWS data centers, servers, and networking to address a $496 billion backlog and 36.7% AWS revenue growth, with quarterly outlays already reaching $53.1 billion in Q2 alone. Trailing twelve-month free cash flow has turned negative at $7.6 billion as capex outpaces operating cash flow, though executives project strong long-term returns once new capacity monetizes. Q3 results, expected in mid-October, and any further updates on memory pricing or demand visibility represent key near-term catalysts that could shift the final 2026 total relative to common market thresholds.