Amazon executives doubled down on their spending spree, calling AI a “once in a lifetime opportunity” as they discussed the tech giant’s 3Q 2026 earnings.
On Thursday, October 29, Amazon held its earnings call, where executives said 2026 capex will be about $220 billion, the majority for Amazon Web Services (AWS), Amazon’s cloud computing platform. The company expects to “spend meaningfully more in 2027 with a clear line of sight to attractive financial returns,” said Andy Jassy, CEO of Amazon.
Capex for Q3 2026 was $75.9 billion, primarily related to AWS and AI.
Jassy said the company has “even more conviction than we already had” that the AWS investment will produce a much larger revenue and free cash flow business “than we would have imagined a couple of years ago.”
At RBN, we are watching the tech giants because a portion of the billions they’re investing ultimately flows to the energy sector, with costs going to natural gas, coal, generators and the equipment to operate data centers.
