Amazon CEO Andy Jassy said during an interview with a16z that AWS’s computing capacity for 2026 is already sold out, 2027 is basically fully booked, and a substantial portion of 2028 is already committed. The company is spending about $220 billion on capital expenditures this year, and his exact words were: “There will still be a tremendous amount of unmet demand.” Even more staggering: its in-house Trainium chips have secured over $225 billion in future orders. AWS reported second-quarter revenue of $42.2 billion, up 37% year over year, or $169 billion annualized. But here’s the other side: free cash flow was negative $7.6 billion over the past 12 months, and Deutsche Bank has raised its 2027 capex forecast to about $330 billion. If $220 billion can’t buy enough capacity, is this a genuine shortage or has the spending frenzy gone too far? Pick a side in the comments: A) It’s a real shortage—orders booked through 2028 prove it; B) When the financials turn, this kind of spend-at-all-costs narrative will be the first bubble to burst.

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