Amazon raised its 2026 cash capex guidance to $220 billion during its July 30 Q2 earnings release, up from the $200 billion target held since February, citing higher memory costs and sustained AI demand. Year-to-date spending through June reached roughly $173 billion on a trailing-twelve-month basis for property and equipment purchases, with Q2 alone at $54.2 billion, primarily for AWS data centers and generative AI infrastructure. Management highlighted that even this elevated level leaves insufficient capacity to meet 2026 demand and expects the shortfall to persist into 2027, supporting continued heavy outlays. AWS revenue grew 36.7% year-over-year to $42.2 billion in Q2, with operating margins expanding, while trailing free cash flow turned negative at $7.6 billion amid the investment pace. Q3 results, due in late October, represent the next key catalyst for any further guidance revisions.