Amazon reports first-quarter earnings Wednesday with more signs than ever that its cloud business is in demand, including a $244 billion revenue backlog, blockbuster deals with Meta, OpenAI and Anthropic, and a custom chip business that doubled in a matter of months.
The problem: a $200 billion capital spending plan, largely dedicated to new AI infrastructure, that drained Amazon’s free cash flow and sank its stock 10% last quarter.
Here’s a preview of the key numbers and storylines to watch.
Core expectations: Wall Street expects Amazon to report about $177 billion in first-quarter revenue, up roughly 14% from a year ago, with earnings of $1.65 per share….
https://www.geekwire.com/2026/amazon-earnings-preview-massive-ai-deals-meet-a-200b-spending-binge/
