Cloud & Infrastructure
AWS projects $200B 2026 capex, mostly AI infrastructure - shares fall 11.5%
Amazon announced $200B in 2026 capital spending on its Q4 earnings call, up 54% from 2025, with most directed to AWS AI infrastructure. CEO Andy Jassy says AWS monetizes capacity as fast as it's deployed, but Wall Street punished shares over ROI concerns despite 35% AWS operating margins.