Amazon’s 2026 cash capital expenditures are guided at approximately $220 billion, raised from $200 billion during the Q2 2026 earnings release due to elevated memory costs amid surging AI infrastructure demand. Year-to-date spending reached roughly $173 billion by mid-year, with Q2 purchases of property and equipment hitting $54.2 billion, primarily for AWS data centers, servers, and custom chips. Strong AWS momentum—36.7% revenue growth to $42.2 billion and a $496 billion backlog—supports the elevated outlay, though trailing twelve-month free cash flow turned negative at $7.6 billion as capex outpaced operating cash flow of $161.4 billion. Management has signaled persistent capacity shortages into 2027. Q3 results, expected around October 29, could provide updated visibility on spending trajectory and any revisions tied to memory prices or project timelines.