Amazon’s AI business reached an annualized revenue run rate of $25 billion in roughly three years, growing several hundred times faster than AWS did at the same stage, according to CEO Andy Jassy. In the second quarter of 2026, AWS generated $42.2 billion in revenue, up 37% year over year, with a 39.4% operating margin. Amazon reported a $496 billion backlog, with demand exceeding available capacity for 2026 and 2027. The company raised its 2026 capital expenditure guidance to approximately $220 billion, mainly for AI infrastructure and Trainium chips, while its trailing 12-month free cash flow turned negative at $7.6 billion.
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