Amazon’s capital expenditure trajectory for 2026 is being driven by accelerating AI infrastructure demand, particularly for AWS data centers and custom silicon. Management initially guided to roughly $200 billion in February 2026, then raised the target to $220 billion in its July 30 Q2 earnings release, citing higher memory costs and a persistent capacity backlog that exceeds planned builds. Second-quarter cash capex already reached $54.2 billion, up sharply year-over-year, while AWS revenue grew 37 percent. Traders are weighing whether sustained hyperscale demand and potential further cost pressures will push final spending above the updated guidance, with the next earnings update in late October providing fresh visibility into quarterly run rates and any revisions to the full-year outlook.