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Amazon cloud growth hits 37% as quarterly capex reaches $53 billion

7/31/2026

Cloud infrastructure runs on a specific timing constraint: physical capacity must be built, commissioned, and available before any workload can be provisioned against it.

Amazon reported 37% growth in its cloud business for the quarter ending June, a rate that reflects assets placed in prior capital cycles.

Group capital expenditure climbed to $53 billion in the same quarter, and Amazon shares surged on the results.

The build-first constraint in hyperscaler economics The mechanism behind cloud growth is straightforward at the structural level.

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