What Amazon is up to now

New 08-27: AWS said alongside Nvidia's 08-26 earnings that it will buy TWO MILLION more Nvidia GPUs and adopt Nvidia's new Vera CPU for AI agents. Read against the demand-plateau argument this map has been tracking, this is the counter-evidence, and it landed on the same day the vendor guided to $108B. Separately, on the health side, the cold rotation caught (three weeks late) Amazon Pharmacy's 08-06 launch of GLP-1 fulfilment for eligible Medicare Part D patients at a flat $50/month under the federal Medicare GLP-1 Bridge Program - same-day delivery in 3,100+ cities, pickup kiosks at select One Medical locations, and automated eligibility verification and prior authorisation. The prior-authorisation automation is the part worth watching rather than the price: Amazon is absorbing an administrative step that normally sits between prescriber and payer. The standing picture below (the ~$220bn FY2026 capex plan, the Louisiana buildout) holds. New 08-21 (event dated 08-18, caught late): $6bn added to the Shreveport, Louisiana buildout — a third campus at Resilient Technology Park, lifting Amazon's committed Louisiana data-center investment from $12bn to $18bn, with ~210 direct new jobs (≈709 including indirect) and up to $400M of Amazon-funded local water-infrastructure upgrades. Inside the ~$220bn FY2026 capex plan already tracked, but a new dated site-specific commitment that had not reached this map — surfaced by the cold-rotation sweep three days after the fact, not on the day. New 08-16: still quiet — no Amazon-specific development 08-14 through 08-16. The one adjacent mention is Texas Governor Abbott's office citing AWS's Lusby, MD withdrawal (already logged 08-05) as the contrast case while announcing Core Scientific/Vantage/SB Energy's compliance commitments (08-15) — not a new Amazon move. Standing picture below holds. No Amazon-specific development since 08-11; the standing picture below still holds. The one adjacent data point: a Jefferies note (08-13, strategist Christopher Wood) quantified the AI-capex-vs-cash-flow tension across the four largest US hyperscalers together for the first time — Microsoft, Amazon, Alphabet and Meta's combined free cash flow fell to $7B in Q2 2026 from $60B in Q4 2025, against $165B of combined quarterly AI capex, while cloud revenue for three of them (ex-Meta) rose 38% YoY to $126B. Not an Amazon-specific move, but it puts a hard number on the same landlord-model tension AWS's own Q2 print (below) already showed. Standing picture: New 08-07 (caught late, 08-11): acquired an ~8,000-acre site in Pecos County, Texas and contracted power from a private gas plant permitted to emit over 30 million tons of CO2/yr — traced by Cleanview from satellite imagery, not disclosed by Amazon, and would make it the largest single greenhouse-gas source in the US. Crossed a $3T market cap 08-03. Priced a $25B, 8-tranche bond sale 08-04, said it's done issuing 2026 debt. CAPEX GUIDANCE RAISED to ~$220B for FY2026 from ~$200B (07-30 call), explicitly on higher MEMORY costs, with management saying even $220B won't buy enough capacity to meet 2026 demand. Q2: net sales $200.6B (+20% YoY), AWS $42.2B (+37% YoY, fastest in 18 quarters), AWS operating income $16.6B (+64% YoY); net income ($62.6B) inflated by a $53.4B non-operating Anthropic-stake gain. $364B backlog EXCLUDING Anthropic's new $100B+/decade commitment; OpenAI relationship confirmed ($50B investment + separate $100B/8yr compute). Rainier live (500K Trainium2); 1.4M Trainium deployed; Talen 1.92GW firm + X-Energy SMR options. New 08-05: formally withdrew a ~2.46M sq ft / ~500MW Lusby, MD campus application after a contentious local approval fight — the first concrete announced-capex-vs-energised-capacity gap, landing the same day PJM rolled out a "bring your own power or get cut off" rule for 50MW+ loads starting June 2027. New 08-26: withdrew its Virginia DEQ application to draw up to 6.4 million gallons a year from the Potomac aquifer for the proposed Birchwood Tech Campus in King George County, after a state report warned the aquifer could not absorb major new withdrawals. Water is now functioning as a hard siting constraint the way interconnection queues do.

as of 2026-08-27