IT Hardware_ Cloud Capex Tracker_ AMZN Capex Commentary Drives '25 Capex Growth to 32% Y_Y

February 7, 2025 04:55 AM GMT IT Hardware | North America Cloud Capex Tracker: AMZN Capex Commentary Drives '25 Capex Growth to 32% Y/Y Following tonight's implied CY25 capex guide from AMZN (~ $105B), Cloud Capex is now expected to surpass$350B in 2025, +32% Y/Y, 3 pts higher than our forecast earlier this week. Mgmt commentary highlights a continued ramp of tech infrastructure, bolstering the bull case for AI/cloud capex stocks. CY25 Cloud capex moves another 3 points higher (to +32% Y/Y) after AMZN's st ...