Amazon (NASDAQ:AMZN) opened its Trainium AI chips to every PyTorch developer on Monday. Engineers can now run their existing code on Amazon's own hardware without rewriting it. That matters because Amazon's chips business already sells at an annual pace above $25 billion, and Amazon Web Services is growing faster than it has in 18 quarters. But the AI build-out behind that growth has used so much cash that free cash flow turned negative over the past 12 months. Amazon sells goods to shoppers, collects fees from sellers and Prime members, sells ads to brands, and rents computing power to companies through AWS. The business looks strong enough to carry the spending, but the stock now depends on AWS demand lasting long enough for cash flow to recover.
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