Amazon CEO Andy Jassy defends $200B in 2026 capex in shareholder letter, citing AI demand and a deal with OpenAI worth over $100B

Amazon CEO Andy Jassy used his annual shareholder letter to defend the company's plan to spend roughly $200B in capital expenditures in 2026, saying existing customer commitments cover a large share of the spending and pointing to a deal with OpenAI worth more than $100B as evidence of the demand backing the investment. AWS is on pace to generate $142B in annualized revenue and its AI business alone is tracking at $15B annually, but capacity constraints are limiting growth with some customers unable to get the compute they need. Jassy also highlighted Amazon's three custom silicon lines, Graviton, Trainium, and Nitro, which together generate more than $20B in annualized revenue growing at triple-digit rates, and estimated that selling those chips on the open market would put the business at roughly $50B in annual revenue.