Amazon's 2026 cash capital expenditure guidance stands at approximately $220 billion following its July 2026 upward revision from $200 billion, driven primarily by elevated memory component costs amid surging AWS and generative AI demand. AWS revenue accelerated 36.7% year-over-year in Q2 to $42.2 billion with a $496 billion backlog, reflecting capacity constraints that management expects to persist through 2027, while quarterly cash capex reached $53.1 billion. This level of spending has flipped trailing free cash flow negative, pressuring near-term liquidity despite robust operating income growth, with the bulk allocated to data centers, servers, and networking infrastructure. Traders are monitoring Q3 2026 results for any further revisions, alongside memory price trends and AWS utilization metrics that could influence the final full-year outcome relative to the current guide.