JPMorgan tech analyst Doug Anmuth projects Amazon's capital expenditure will reach 395 billion USD in 2027, up 77% year over year, and 476 billion USD in 2028, up 20%, as he expects capex growth not to slow next year. He argues management's strong visibility into demand gives it confidence to underwrite growth above 40% over the next two years and to invest even more aggressively in AI infrastructure. Amazon itself estimated 2026 capex at 220 billion USD, while CEO Andy Jassy said 2027 spending would be 'meaningfully more' without giving a figure. Trailing 12-month free cash flow turned to a 42.4 billion USD outflow, driven by a 94.8 billion USD year-over-year increase in property and equipment purchases, mainly for AI. Shares fell over 1% on Friday before rebounding Monday, lifting year-to-date gains to 9% versus 11% for the S&P 500.
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AMZNAI investmentJPMorgandata centers
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Related tickers and likely impact
AMZN
▼ Likely negativeAmazon
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Consumer Discretionary |
| Industry | Broadline Retail |
| Market cap | $2.6T |
| Close on 10/30/2026 | 240.47 |
| Change that session | -1.36% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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