Amazon
What Amazon is up to now
Runs the landlord model on purpose: the AGI-team cuts and the ~$200B capex plan are one strategy — retreat from frontier research, build for labs contractually bound to spend. $364B backlog EXCLUDING Anthropic's new $100B+/decade commitment; the OpenAI relationship is CONFIRMED ($50B investment + separate $100B/8yr compute, 02-27). Rainier live (500K Trainium2); 1.4M Trainium deployed; Talen 1.92GW firm + X-Energy SMR options. Returns $0; reportedly borrowing $25B as FCF goes negative. Earnings 07-30.
as of 2026-07-27
Promoted on the structural test, not on feed weight — coverage is still thin (AWS Capex opened quiet).
The metrics
- Posture med
- expanding 2 src →
- Capital · available high
- ~$143B cash+STI (Q1-2026); but total debt ~$210B and FCF is negative 1 src →
- Capital · operating high
- ~$140-149B/yr operating cash flow ($139.5B FY25; $148.5B TTM) 1 src →
- Capital · deployed high
- ~$132-151B/yr capex in-flight (FY25 $131.8B -> TTM $151.0B) — AWS/Trainium datacenters + Rainier for Anthropic 2 src →
- Capital · in high
- ~$717B FY25 net sales (~$743B TTM); AWS ~$137B of it 2 src →
- Capital · out high
- ~$151B/yr out: ~$151B capex + $0 dividends + $0 buybacks (all cash into capex) 1 src →
- Optionality high
- mixed/constrained — governance free (Bezos single-class, no returns to fund) but operating cash fully pre-committed to ~$150B/yr capex; FCF negative 2 src →
- Gravity high
- GROSS ~$717B/yr FY25 net sales (~$743B TTM); incl. AWS ~$137B + third-party GMV ~$700B+ vs ~$177B booked cut — undeflated per board policy 2 src →
Holdings
NovaBedrockTrainiumAws
Projects & threads
·
In-House Silicon
resource move
↳ Compute Spend
— open · last seen 2026-07-25
· 8 entries
·
Nuclear for AI
resource move
↳ Power Buildout
— open · last seen 2026-07-25
· 7 entries
◉
Hyperscaler Capex
buildout race
— open · last seen 2026-07-28
· 6 entries
·
Amazon Health
partnership
↳ Big Tech into Health
— open · last seen
· 6 entries
◉
Compute Spend
resource move
↳ Where the Capex Lands
— open · last seen
· 3 entries
◉
Power Buildout
resource move
↳ Where the Capex Lands
— open · last seen
· 3 entries
◉
Big Tech into Health
partnership
— open · last seen 2026-07-28
· 3 entries
·
AWS Capex
buildout race
↳ Hyperscaler Capex
— developing · last seen 2026-07-27
· 2 entries
Full item history for Amazon →
Vocabulary