Amazon, Google, and Microsoft are pouring billions into capital spending as AI demand surges, with Amazon reporting its AWS division took in $42.2 billion during its second quarter, ended June 30, 2026, an increase of 36.7 percent year-on-year and its fifth consecutive quarter of accelerating growth. CEO Andy Jassy said "AWS is now a $169 billion annualized revenue run rate business," and the company raised its 2026 cash capex forecast to approximately $220 billion, up from about $200 billion, citing higher memory costs and noting it will still not have enough capacity to meet all demand in 2026 and 2027. Google updated its full year 2026 capex guidance range to $195 to 205 billion, up from $180 billion to $190 billion, due to an acceleration in the delivery of capacity to meet growing demand, according to CFO Anat Ashkenazi, who also said the figure will rise significantly next year and that increased investments will pressure profit and loss through higher depreciation and datacenter costs. Google's cloud revenues were up 82 percent to $24.8 billion for the quarter.