Amazon already spent $267.6 billion in cumulative CapEx from 2023 to 2025.

This is MORE than the $236.4 billion spent in the entire 26 years from 1997 to 2022.

This also means a single year would nearly match the last 3 years of combined CapEx.

Overall, Amazon, Alphabet, $GOOGL, Meta, $META, and Microsoft, $MSFT, are expected to spend ~$650 billion on AI in 2026, +60% more than in 2025.