Amazon’s cloud business is surging — and so is its capital spending

Amazon beat first-quarter Wall Street expectations, with total sales up 17% to $181.5 billion.

AWS revenue rose 28% year over year to $37.6 billion, its fastest growth in 15 quarters, as AI demand accelerated cloud sales.

CEO Andy Jassy said Amazon will keep spending heavily on land, power, buildings, chips, servers, and networking to support AI-driven growth.

Trailing-12-month free cash flow fell sharply to $1.2 billion as capital spending increased.