Andy Jassy just committed roughly $200 billion in capital expenditures for 2026, and the logic behind that number reveals something most investors are missing about where AWS demand is actually coming from.
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I keep hitting the buy button on Amazon (NASDAQ:AMZN | AMZN Price Prediction) because Amazon would not be unleashing the AI capex it is unleashing if there was a reasonable chance it was going to fail. That is the whole thesis in one sentence. When a management team with a two-decade record of long-duration bets tells shareholders it plans to spend about $200 billion in capital expenditures across 2026, that reflects a company reading its own order book and building against it.
What the Order Book Actually Says
The order book is the part I cannot ignore. AWS backlog sat at $496 billion, growing triple digits year over year, on a segment…
