Amazon Web Services CEO Matt Garman said AWS capacity is "spoken for" through 2027 and into 2028, with demand "significantly outstripping supply," undercutting bear cases that AI demand is topping out. Amazon.com reported Q2 2026 AWS revenue of $42.232 billion, up 37% year-over-year, the fastest growth in 18 quarters, with an operating margin of 39.4% and capital expenditures of $54.208 billion, a 68.44% year-over-year jump. CEO Andy Jassy said AWS is growing 36.7% year-over-year in Q2, with AI and Chips businesses each eclipsing run rates of more than $25 billion, both growing at triple-digit rates. Garman also flagged a shift from training to inference workloads, which produces sticky, recurring compute demand. UBS estimates AWS growth will accelerate to 48% next year as Trainium scales with help from OpenAI. Polymarket traders assign a 96.3% probability that Amazon's 2026 capex clears $190 billion, and shares have rallied 20.1% in the past five trading sessions. Suppliers are raising outlooks: Marvell Technology posted Q1 FY2027 revenue of $2.418 billion, up 28% year over year, with data center contributing $1.833 billion, or 76% of the total.