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Amazon's AI Capex Pays Off, AWS Growth Soars

Guavy AI Editorial Team Published September 29, 2026

Instruments

AMZN

Amazon's AI capex is paying off, and I'm buying more shares of Amazon, according to Alex Sirois in an article on AOL.com. The company's AWS growth surged from 20% to 37% over four straight quarters, with a $496B backlog and AI and chips businesses each topping $25B in annualized revenue.

The quarterly capex rose from $35.10B in Q3 2025 to $54.21B in Q2 2026, while AWS growth went from 20% to 24% to 28% to 37%. Amazon's AI and chips businesses are growing at triple-digit rates, and the company's backlog is rising faster than capex.

Sirois notes that customers have already claimed much of the increased capacity, and the data-center expansion is pulling in a host of power, cooling, and networking suppliers. He believes that owning Amazon is like owning the toll road rather than paying the toll.

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