亚马逊正积极投资AI基础设施（资本支出提高至2200亿美元），管理层预计AWS长期营收将大幅增长（可能达到1万亿美元），尽管目前自由现金流为负。

Across the five biggest AI spenders, including Amazon, Microsoft, Alphabet, Meta, and Oracle, 20026 capex, guidance now totals more than $725 billion.

And Amazon is leading the pack at $220 billion. It's a number that their CEO Andy Jasse raised from their original 200 billion guidance that was issued during their Q2 earnings call last week. Andy Jasse blamed higher memory costs.

AWS at Amazon at nearly half a trillion at 496 billion.

But the quote that really stood out to me from Andy Jasse on Amazon's Q2 earnings call, he said, "This is a once-in-a-lifetime opportunity." and he had previously estimated that AWS could eventually become a few hundred billion dollar revenue business and last week he upgraded that. He now believes it will at least double and that could very possibly mean a trillion dollar annual revenue business for us in time.

A trillion dollar of annualized revenue just from AWS because of AI. Andy Jasse also made it clear that even 220 billion in capital expenditures, Amazon is still not expected to have enough capacity to satisfy all of their AI demand in 2026 and expects that same bottleneck to persist in 2027. So again, to fund this buildout, Amazon is shedding cash like it's it's never going out of style. They're spending hundreds of billions. They even sold $25 billion worth of bonds in early July. The company's trailing 12 month free cash flow has now swung negative by $7 billion.

For Amazon here, Robert, they're pretty much saying, I could go spend 200 billion of capex and realize half a trillion of revenue on the backside. That's a pretty good, right? How about this, Robert? I give you 200 billion and you give me 500 billion back, right? That's the business they're in right now.

The bare case is cash flow. Amazon and Alphabet have both tipped into negative free cash flow and Meta is expected to follow and Oracle's credit was just downgraded closer to junk.

So between SpaceX, we were just talking about these, you know, Meta, Alphabet, Amazon, Microsoft, like between all of these companies, like that's I mean, oh my gosh, this is unbelievable spending right now.

Amazon, Amazon is like the biggest marketplace ever. Walmart is the biggest marketplace ever, and they're only doing 700 billion of revenue. Like if you take off like the marketplace side of it and you think like actually selling a good or a service to a customer, I think Alphabet or Apple are like the closest there and they're both around 400 billion. So you're just you're more than doubling that figure for SpaceX selling this like these products.

Amazon's a $3 trillion business right now doing about 700 billion of revenue.

my first radar point is Amazon to offer GLP1 weight loss drugs to Medicaid and Medicare patients through Amazon.com. Amazon.com said patients with Medicare Part D prescription plans now have access to certain GLP-1 weight loss medications through the Amazon pharmacy. Oral and injectable versions from Novo Nordisk will also be part of that offering. And also on top of that, Zepbound and Foundo pills will be available at a cost of $50 a month with free home delivery, Amazon said. and it's offering same day delivery in more than 3,100 locations and no prime membership is required. So, I thought that was an interesting one. As the GLP1 market gets better and better, Amazon wants their piece of it and people love Amazon.