Amazon’s 2026 cash capex guidance stands at approximately $220 billion following a July 2026 upward revision from $200 billion, driven primarily by elevated memory and component costs tied to AI infrastructure expansion. Management highlighted persistent demand exceeding available capacity through at least 2027, supported by AWS revenue growth accelerating to 36.7% year-over-year in Q2 2026 and a $496 billion backlog. Prior-year spending scaled rapidly from $53 billion in 2023 to roughly $132 billion in 2025, with the majority allocated to data centers, servers, and networking equipment. Traders monitor quarterly earnings updates, memory pricing trends, and utilization signals for potential further revisions, as free cash flow faces near-term pressure until new capacity monetizes.