Amazon's 2026 capital expenditure outlook has been shaped by its accelerating AI and AWS infrastructure buildout, with management raising full-year cash capex guidance to approximately $220 billion in late July from the $200 billion level set in February. The upward revision stems primarily from higher memory and component costs amid sustained demand for data centers, custom silicon, and networking capacity, with roughly 80% of spending tied to AI-related projects. Trailing twelve-month capex already reached $151 billion by Q1, reflecting a structural shift toward elevated investment levels that compress near-term free cash flow while supporting long-term cloud growth. AWS revenue momentum, including 37% year-over-year expansion in Q2, has reinforced trader focus on whether actual spending will exceed revised targets as component pricing and deployment timelines evolve. Q3 results, expected in October, represent the next key catalyst for updated guidance.