The world’s largest technology companies are pouring unprecedented amounts of money into infrastructure as the artificial intelligence (AI) revolution shows no signs of slowing. Alphabet, Microsoft, Amazon (AMZN -0.14%), Meta Platforms, and Oracle are expected to make more than $700 billion in capital expenditures (capex) in 2026 alone.
What once looked like a temporary surge in spending has become a multiyear race to procure land, chips, and the components that power AI servers. As each quarter passes, capex numbers rise. The latest explanation from Amazon Chief Executive Officer Andy Jassy points to one overlooked bottleneck: memory.
Amazon CEO Andy Jassy. Image source: Amazon.
Breaking down Amazon’s AI capex budget
The trajectory of Amazon’s infrastructure spending illustrates a broader pattern. In 2025, the company spent roughly $132 billion on capital projects. For 2026,…
