Will Heavy Capex Spending Weigh on Amazon's AI Ambitions?

Key Takeaways Amazon plans $200B in 2026 capex, up 52% from 2025, despite record Q4 revenues.Free cash flow fell to $11.2B as capex consumed most operating cash flow in 2025.Alphabet targets up to $185B capex as Alibaba commits $53B over three years.Amazon's (AMZN) fourth-quarter 2025 earnings delivered a record $213.4 billion in revenues, up 14% year over year, with Amazon Web Services posting $35.6 billion in quarterly revenues, representing a 24% increase that marked the unit's fastest growth in 13 quart ...