Amazon’s long-term debt has ballooned to roughly $128.9 billion, nearly doubling from around $65 billion, driven by a capital expenditure spree that CEO Andy Jassy says is necessary to keep AWS ahead in the AI arms race. The company raised its 2026 capex guidance to $220 billion, up from a $200 billion target, and a $25 billion bond issuance helped fund the expansion. AWS reported Q2 2025 revenue of $129 billion, reflecting 20% year-over-year growth, with Jassy framing the spending as a response to “sustained customer demands.” Microsoft, Google, and Meta are also investing heavily in data centers. Cipher Mining signed a $5.5 billion, 15-year agreement with AWS to supply 300 MW of AI-ready power, with operations expected to begin in 2026, reflecting a trend of Bitcoin miners becoming power and infrastructure providers for hyperscalers. Bitcoin miners have collectively secured over $70 billion in AI and HPC contracts, and analysts project that by late 2026, AI revenue could represent more than 70% of total revenues for publicly listed miners. This pivot creates a new valuation framework for mining stocks, where AI contract backlog, power capacity, and hyperscaler relationships matter as much as Bitcoin holdings.