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AWS CFO Jokes Amazon's AI Unit Took Firm Free-Cash-Flow Negative as GB300 Racks Sit in Warehouses

By Alexis Dufresne Published October 20, 2026 at 23:01 UTC

Amazon NVIDIA AI Infrastructure Chips ai-business

Summary

Internal AWS recordings reviewed by Business Insider show CFO John Felton joking to AI-infra chief Prasad Kalyanaraman, 'You've taken us free cash flow negative as a company, so congratulations.' Kalyanaraman told staff the ML/AI business is 'hugely free cash flow negative' and will stay that way 'the next couple of years or so.' Amazon plans ~$220B capex in 2026; trailing 12-month FCF has swung from +$18.2B to -$7.6B YoY, with roughly $5B of Nvidia GB300 racks taken in August and $3B/month after staged in warehouses lacking power.

Shared on Bluesky by 3 AI experts

Ed Zitron @edzitron.com: Business Insider confirms it: Amazon has warehouses of GPUs that can’t be installed, and is buying them so far in advance that a supply chai… →
Tim Kellogg @timkellogg.me: AWS is acquiring so many GB300s per month that they can’t turn them on due to lack of power infrastructure www.businessinsider.com/amazon-… →
Critical AI https://read.dukeupress.edu/critical-ai/issue @criticalai-journal.bsky.social amplified

Ed Zitron @edzitron.com

Business Insider confirms it: Amazon has warehouses of GPUs that can’t be installed, and is buying them so far in advance that a supply chain team said they “didn’t have a clear forecasted path” to installing them. www.…
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Original headline: AWS CFO Jokes Amazon's AI Unit Took Firm Free-Cash-Flow Negative as GB300 Racks Sit in Warehouses