Outlier Capital(@outliercapx):$AMZN just printed another clean CONFIRMATION of the AI Infra supercycle. > AWS +39% YoY to $46.0B ($184B annualized run rate). > CapEx $77.3B vs ~$57B est. > Management guiding >40% AWS growth in both 2027 and 2028. Demand is not the constraint. Capacity is! They’re spending at a pace that implies the multi-year buildout is locked in, with the cash-flow hit already showing up in TTM FCF of –$42.4B. Classic infrastructure cycle math: front-load CapEx, monetize as capacity comes online. This is the same signal as the rest of the hyperscaler + SpaceX prints. The AI Infra trade (power, photonics/CPO, cooling, custom silicon, memory, etc.) just got another multi-year visibility upgrade. Adds to the prints from $SPCX, $META, $MSFT, $GOOG. All systems go. Bullish!

2026.10.29 20:08

$AMZN just printed another clean CONFIRMATION of the AI Infra supercycle. > AWS +39% YoY to $46.0B ($184B annualized run rate). > CapEx $77.3B vs ~$57B est. > Management guiding >40% AWS growth in both 2027 and 2028. Demand is not the constraint. Capacity is! They’re spending at a pace that implies the multi-year buildout is locked in, with the cash-flow hit already showing up in TTM FCF of –$42.4B. Classic infrastructure cycle math: front-load CapEx, monetize as capacity comes online. This is the same signal as the rest of the hyperscaler + SpaceX prints. The AI Infra trade (power, photonics/CPO, cooling, custom silicon, memory, etc.) just got another multi-year visibility upgrade. Adds to the prints from $SPCX, $META, $MSFT, $GOOG. All systems go. Bullish!