Amazon’s latest 2026 cash capex guidance stands at approximately $220 billion, raised from $200 billion in July after Q2 results, driven primarily by higher memory costs amid surging generative AI demand for AWS data centers, servers, and networking. AWS revenue accelerated to 36.7% year-over-year with a $496 billion backlog, while quarterly capex reached $53.1 billion and trailing twelve-month free cash flow turned negative at $7.6 billion. Management notes capacity remains insufficient even at this level, with 2027 and portions of 2028 already reserved, sustaining elevated spending through year-end. Q3 and Q4 execution, component pricing trends, and any further guidance revisions will shape whether actual outlays exceed key thresholds.