Amazon's 2026 cash capital expenditure guidance stands at approximately $220 billion after a July 30, 2026, upward revision from $200 billion, driven primarily by elevated memory chip costs amid surging AI infrastructure demand for AWS. Through the trailing twelve months ended Q2 2026, the company had already deployed $173 billion, including a record $54.2 billion quarterly outlay, with the majority allocated to data centers, servers, and networking equipment to support cloud and generative AI workloads. AWS revenue accelerated 36.7% year-over-year to $42.2 billion, backed by a $496 billion backlog of customer commitments, while management noted persistent capacity shortages extending into 2027 and visible 2028 demand. This spending has compressed trailing free cash flow into negative territory at roughly $7.6–11.6 billion, exceeding operating cash generation and prompting external financing. Q3 2026 results, expected later in October, will provide the next update on spending pace and margin trajectory.