La frénésie de dépenses d'Amazon dans l'IA, d'une valeur de 200 milliards de dollars, allume la mèche d'une croissance explosive

Amazon (AMZN) posted AWS revenue of $35.6 billion in Q4 2025, growing 24% year-over-year at the fastest pace in 13 quarters, with $244 billion in customer backlog commitments and custom silicon hitting a $10 billion annualized run-rate. Microsoft (MSFT) Azure grew 39% on a smaller base, while Google Cloud expanded 48%, but Amazon maintains the largest cloud market share despite higher growth rates from competitors.
Amazon’s $200 billion 2026 capex plan is demand-led capacity expansion, not speculation, as new AI services sell out almost immediately and the company can double AWS revenue to $600 billion by 2036 while maintaining AWS operating margins at 35%.
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The very spending that has some investors clutching their portfolios turns out to be the smartest infrastructure bet since the original cloud build-out. In today's AI-driven economy, hyperscalers are racing to wire the future. Yet many retail shareholders watch the headlines -- $200 billion here, compressed cash flow there -- and wonder whether the returns will ever show up.
For Amazon (NASDAQ:AMZN), the data says they already are. The company's AWS cloud engine just posted its fastest growth in over three years, and that $200 billion capex plan isn't a gamble. It's the fuel for the next leg of expansion.
AWS Growth Hits a New Gear
Let's start with the engine that already powers Amazon’s profits. Amazon Web Services generated $35.6 billion in revenue during the fourth quarter of 2025, up 24% year-over-year. That marked the fastest quarterly growth rate in 13 quarters. On an annualized basis, AWS now runs at a $142 billion revenue clip. Full-year 2025 AWS sales reached $128.7 billion.
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The real story sits in the backlog and the AI tailwind. AWS customer commitments -- the revenue Amazon expects to recognize over time -- hit $244 billion at year-end, up 40% from the prior year. CEO Andy Jassy noted on the earnings call that new AI capacity sells out almost as fast as the company installs it. Custom silicon, including Graviton and Trainium chips, crossed a $10 billion annualized run-rate and grew triple digits. That's a fancy way of saying Amazon isn't just renting servers anymore. It is building the pickaxes, shovels, and entire mines that AI developers need.
This acceleration also happened while AWS already held the largest cloud market share. Growing 24% on a $142 billion base beats what smaller rivals achieve on far tinier platforms.
The $200 Billion Bet -- and Why Returns Are Coming
Amazon spent $131.8 billion on capital expenditures in 2025, up from $83 billion in 2024. For 2026 the company guided to roughly $200 billion, with the lion’s share earmarked for AWS data centers, networking gear, and AI infrastructure.
Granted, the near-term math looks painful. Trailing-12-month free cash flow stood at $11.2 billion for 2025, down sharply as capex consumed the bulk of operating cash flow. Yet Amazon still generated $139.5 billion in operating cash flow for the year. AWS itself delivered a 35% operating margin in Q4, producing $12.5 billion in operating income.
The payback window is already visible. Jassy emphasized that demand for both core cloud workloads and AI services outstrips supply. The company added nearly four gigawatts of capacity in 2025 and plans to double that by the end of 2027. Every new rack that comes online monetizes immediately.
AI is on track to double previous AWS projections of around $300 billion in annual run rate revenue, pushing the cloud services division toward $600 billion by 2036. In short, the spending isn't speculative -- it's demand-led capacity expansion on a proven, high-margin platform.
How Amazon Stacks Up
No smart investor evaluates Amazon in a vacuum. Here's the side-by-side view using the latest quarterly data:
AWS revenue growth: Amazon +24% on $35.6 billion (largest base)
Microsoft (NASDAQ:MSFT) Azure: +39% (smaller base)
Google Cloud: +48% (still smaller base)
Amazon carries the heaviest load, yet still accelerated. Meanwhile, overall company revenue hit $213.4 billion in Q4, up 14% year-over-year, while North America retail and advertising segments each posted double-digit gains. Operating income for the quarter reached $25.0 billion (or $27.4 billion excluding one-time charges).
That said, the market has priced in some caution. Heavy capex will keep free cash flow under pressure through at least the first half of 2026. Energy costs, power constraints, and execution risk remain real. But when all is said and done, Amazon’s combination of a massive installed base, proprietary silicon advantage, and visible backlog gives it a wider moat than peers chasing catch-up growth.
Key Takeaway
Amazon's $200 billion AI infrastructure plan isn't a distraction -- it's the catalyst that turns an already formidable AWS flywheel into something far more powerful. The 24% cloud acceleration on a $142 billion run-rate, $244 billion backlog, and rapid monetization of new capacity all point to accelerating revenue and eventual margin expansion.
Short-term free cash flow will take a hit, but long-term shareholders who buy with a three- to five-year horizon stand to benefit handsomely. Smart investors should view any near-term weakness tied to capex headlines as a buying opportunity in one of the strongest compounders in tech. The fuse has been lit. It is about to cause explosive growth.
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