Amazon CEO Jassy Defends $200B AI Capex in Shareholder Letter: 'Not on a Hunch'

CNBC·high signal

Andy Jassy's 2026 shareholder letter reveals Amazon expects ~$200B in capital expenditures this year, with the lion's share going to AI infrastructure. AWS AI revenue has hit a $15B annual run rate, and Jassy cited an over-$100B commitment from OpenAI as backing. Free cash flow dropped from $38B to $11B last year due to $50.7B in increased capital spending.