Amazon's 2026 capital expenditure guidance stands at approximately $220 billion following a July 2026 upward revision from $200 billion, driven primarily by elevated memory chip costs amid surging demand for AWS AI infrastructure. Year-to-date spending reached roughly $173 billion by mid-2026, with Q2 property and equipment outlays alone hitting $54 billion, reflecting accelerated data center buildout. AWS revenue grew 36.7% year-over-year in Q2 to $42.2 billion with a $496 billion backlog, yet trailing twelve-month free cash flow turned negative at $7.6 billion as capex outpaced operating cash flow growth. Management has signaled persistent capacity shortages into 2027, with Q3 2026 results expected around October 29 likely to provide the next update on spending trajectory and any further revisions tied to AI chip pricing or deployment pace.