Amazon CEO Andy Jassy announced earlier this year that Amazon would spend $200 billion building out for artificial intelligence. Amazon stock plunged after the announcement but has since gained back some losses, though it is roughly flat year to date. Investors are awaiting Amazon's second-quarter earnings report on July 30. Amazon's first-quarter results demonstrated massive AI growth: revenue increased 17% year over year, earnings per share rose from $1.59 last year to $2.78 this year, and both metrics beat Wall Street's expectations. Customer spending on Amazon's AI platform Bedrock increased 170% quarter over quarter, and it processed more tokens in Q1 2026 than in previous years combined. The chips business increased 40% sequentially and by triple digits year over year; as a stand-alone business, it would have $50 billion in sales. Jassy said there is a $364 billion backlog as of the end of Q1, not including a $100 billion deal with Anthropic. Amazon is spending on land, power, chips, networking infrastructure, and more to meet demand.