Amazon at $250: $1 billion “Built Together” Data Center Push Is Already Backfiring

Quick Read

• Amazon’s $496B AWS backlog signals locked-in demand, but record quarterly capex drove trailing free cash flow to -$7.6B.

• Southwest Airlines joined as an early Built Together customer, yet comparable EPS was just $1.88 after stripping out a $53B Anthropic gain.

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Amazon (NASDAQ:AMZN) trades at $251.40. The stock has given back part of its post-earnings rally even though AWS is growing at its fastest pace in 18 quarters.

Amazon runs the world’s largest e-commerce operation and the leading cloud platform, and it is spending at a record pace to stay on top. Management plans roughly $200 billion in capex this year. Alongside that expansion came the “Built Together” push: a $1 billion investment in AWS Forward Deployed Engineering, with early customers including the NFL, NBA and Southwest Airlines (NYSE:LUV). Shares rose…