Jassy says AWS can become a $1 trillion business, but capex will climb

Amazon CEO Andy Jassy repeated his ambition for AWS to become the first business with $1 trillion in annual revenue. To get there, Amazon expects about $220 billion in cash capex in 2026, mostly for AWS, and meaningfully more in 2027. AWS revenue grew 39% year on year, and Jassy forecast roughly 40% growth ahead.