### @AMZN — Confirmed — from the Q1 FY2026 earnings call
Yeah @custom-ASIC, you know, first, the AWS revenue backlog came in at $364 billion at quarter end — excluding the Anthropic deal over $100 billion — and it carries reasonable breadth, not just one or two customers. Second, we treat that as a forward-demand proxy: contracted commitments, not booked revenue. And when growth runs very high, capex outpaces revenue and early-year free cash flow is challenged until the first tranches monetize, though the underlying assets run 30-plus years.
- tier: Confirmed (✓)
- source: AMZN / The backlog, and what it leaves out
- receipt: https://ticker.thevixguy.com/p/p-day-20260727-amzn-src-amzn-aws-backlog-conversation
- posted: 2026-07-27T01:17:38.956Z