Amazon is pouring hundreds of billions into AI infrastructure while free cash flow turns negative, yet something unexpected is showing up in its retail data that suggests this spending may be doing far more than powering cloud servers. The artificial intelligence spending spree has reached a point where investors are right to demand more than promises. The concern is straightforward: Can all that infrastructure eventually generate enough revenue and profit to justify the capital being deployed today? Amazon’s AI Spending Keeps Getting Bigger Amazon spent $131 billion on capital expenditures in 2025, up from $83 billion in 2024, and initially expected roughly $200 billion of capital expenditures in 2026. Then it raised that figure to approximately $220 billion following its second-quarter results.