Amazon’s 2026 capital expenditures are guided at approximately $220 billion following a July 2026 upward revision from $200 billion, driven primarily by elevated memory and component costs amid aggressive AI infrastructure spending on data centers, servers, and networking equipment. AWS delivered 36.7% revenue growth in Q2 2026 to $42.2 billion—its fastest pace in 18 quarters—with a $496 billion backlog providing strong visibility into demand that already exceeds available capacity through 2027 and into 2028. Quarterly purchases of property and equipment reached roughly $54 billion, pushing trailing twelve-month free cash flow negative at $7.6 billion as capex consumed most operating cash generation. Traders monitoring the outcome will focus on Q3 earnings for any further guidance updates, actual run-rate spending, and signs of cost stabilization or demand acceleration that could shift the final tally relative to the current $220 billion baseline.