AWS Capacity Through 2028 'Spoken For', Garman Reveals

Amazon Web Services (AWS) CEO Matt Garman has sent shivers down the spines of AI bears by revealing that the company's growth is only getting started. In a recent interview on Bloomberg Technology, Garman stated that much of AWS' capacity is already spoken for through 2027 and into 2028, with demand still significantly outstripping supply.

This promise has reframed the debate over hyperscaler capital expenditures (capex), as it shows that AWS has already booked its next two years of infrastructure. As a result, the company is comfortable spending at a historic pace, despite concerns from AI bears who argue that demand for artificial intelligence is topping out.

AWS' growth has been impressive, with Q2 2026 revenue reaching $42.232 billion, up 37% year-over-year. The company's capital expenditures also jumped 68.44% to $54.208 billion in the quarter. Garman highlighted that AWS is booming, growing 36.7% year-over-year in Q2, with its AI and Chips businesses each eclipsing run rates of more than $25 billion.

The suppliers locked into the buildout, such as Marvell Technology (MRVL), Astera Labs (ALAB), and Credo Technology (CRDO), have equally visible order books. These companies have reported exceptional AI-related bookings and are significantly raising their revenue outlook for both fiscal 2027 and fiscal 2028.