AWS year-over-year growth accelerated from 18.2% in Q4 2025 to 39.3% in Q3 2026, while Amazon’s quarterly net property-and-equipment spending rose to 179% of operating cash flow. The ratio exceeded 100% in all four quarters, meaning reported operating cash did not cover net capex during this AI-led expansion. The independent SEC filings quantify the spending pressure behind SI News’s report of AWS demand-driven growth and record quarterly capital investment.
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