Amazon delivered a record 13.9% operating margin in Q3 2026, yet the stock fell over 11% after hours as massive AI spending pushed trailing free cash flow $42.4B into the red.
In ~10 minutes:
- Plugging in a new AI accelerator every 14 seconds ($75.9B Q3 cash capex) ⚡
- Borrowing $48.1B in long-term debt while funding OpenAI and Anthropic
- Why AWS plans to sell custom Trainium chips externally by late 2027
- Same-day perishable grocery shoppers buying 7x more everyday essentials
- Delaying Amazon Leo satellite cost capitalization until Q1 2027
While AWS revenue accelerated to 39% YoY growth with a $578B backlog, Wall Street blinked at the balance sheet. Because free cash flow is deeply negative—and excludes another $24B spent this quarter on private AI investments—Amazon is tapping the bond market to fund the servers and power required to serve its largest AI startup customers.
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