Amazon’s 2026 capital-expenditure trajectory is anchored by management’s July 30 update raising the full-year cash capex target to $220 billion from the prior $200 billion guide, citing elevated memory and infrastructure costs tied to AI data-center buildout. Through the first half, property-and-equipment purchases already reached $173 billion on a trailing-twelve-month basis, up 64 percent year-over-year, with roughly 80 percent of spending directed toward AWS generative-AI capacity. Free-cash-flow turned negative at a $7.6 billion trailing outflow, reflecting the front-loaded investment pace. Traders monitoring resolution thresholds weigh the risk of further upward revisions against potential moderation if component pricing or demand signals ease ahead of year-end reporting.