Amazon's $364 Billion Cloud Backlog Supports AI Spending Growth
Amazon reported a $364 billion cloud backlog in Q1 2026, indicating strong demand for its cloud services and supporting its significant AI investments. This backlog, which includes future contracted business not yet converted to revenue, has increased sharply from $244 billion in Q4 2025. The company is investing heavily in infrastructure before realizing revenue, which is causing cash-flow pressure but also signaling long-term growth potential.
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Topics: AI spending Amazon capital spending cloud backlog earnings call