JPMorgan forecasts Amazon capex to hit $476B by 2028 on AI ramp
BenBajarin · x · 2026-10-31
JPMorgan projects Amazon's capex to keep ramping: $220B in 2026 (+71% Y/Y, guidance maintained despite Q3 capex of $77B beating consensus by 31%), $395B in 2027 (+77% Y/Y), and $476B in 2028 (+20% Y/Y). Amazon signaled it will spend "meaningfully more" in 2027, citing accelerating payback and clear line-of-sight to returns, and unusually provided a two-year AWS outlook. JPM does not expect capex growth to decelerate next year.
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