Episode Details

Amazon (AMZN) just posted its highest operating margin in history for Q1 2026, but an astonishing $44 billion AI infrastructure build-out has virtually evaporated free cash flow.

In this episode 🎧:

- The $16.8B Anthropic paper gain heavily distorting net income

- Why Amazon just doubled its long-term debt to $119B

- AWS accelerating 28% to hit a $150B annualized run rate

- Jassy unveils a $20B internal custom silicon chip business

- Swallowing a $1B Q2 margin hit to battle SpaceX

Management is aggressively outspending operating cash flow, taking on billions in debt to secure chips and data centers up to two years ahead of customer billing. Plus, a major timeline shift pushes Prime Day into Q2, dramatically altering Wall Street's upcoming models.

Amazon (AMZN) | Q1 FY2026

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