Amazon earnings preview: Big AI deals meet a $200B spending binge

Amazon reports first-quarter earnings Wednesday amid accelerating cloud growth and a record capital spending plan. (GeekWire File Photo) Follow-up: AWS growth climbs to 28% as Amazon’s big AI bets start to pay off Amazon reports first-quarter earnings Wednesday with more signs than ever that its cloud business is in demand, including a $244 billion revenue backlog , blockbuster deals with Meta , OpenAI and Anthropic , and a custom chip business that doubled in a matter of months .