Amazon.com reported Q3 2026 revenue of US$201.9b and net income of US$20.7b, missing earnings expectations while lifting AI focused capital expenditure to about US$77.3b in the quarter and reiterating roughly US$220b in full year CapEx, which contributed to deeply negative free cash flow. The cash outflow is largely tied to AI data centers and custom chips for AWS. As a result, investors now have a clearer view of how aggressively Amazon.com is front loading infrastructure to support cloud contracts, while near term retail and advertising trends look comparatively softer. We will look at how Amazon.com's investment narrative aligns with heavy AI CapEx that is currently driving a sharp free cash drain. Compare Amazon.
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