Amazon Q3 2026 Preview: AI Infrastructure Spending to Double

Amazon's Q3 2026 earnings preview highlights surging capital expenditure on AI infrastructure, with consensus estimates projecting capex will more than double to $762 billion in 2026 from $362 billion, then rise further to $1.3 trillion in 2027. Total North American revenue expectations for Q3 have edged down to $113.8 billion from the prior quarter, according to Visible Alpha consensus. The spending surge reflects hyperscalers' continued focus on expanding technology infrastructure to support artificial intelligence. The projected two-year total of over $2 trillion in capex underscores the scale of AI investment across the industry, though the slight revenue dip suggests potential near-term headwinds amid heavy spending.